GhPage.com since the Securities and Exchange Commission ordered Menzgold to shut down for violating operational permit has been following the news and a lot of speculations have popped up explaining what could really be the cause of this sudden intrusion of the authorities in the activities of Menzgold.
A section of the media has proposed strange but ‘possible’ reasons for the SEC clamped down on Menzgold and that section is laying the blame on Nana Appiah Mensah also called NAM1.
These people are of the opinion that the Menzgold order of shut could have been triggered by Nana Appiah Mensah himself to rescue his failing financial empire and to protect himself.
Their theory is based on two main strong points and Ghpage.com will explain them to you as best as we can.
1. Its reported that Menzgold is the financial backbone of all the other Nana Appiah Mensah owned companies including Zylofon Media, Zylofon Cash, Zylofon Art Fun and others.
It has already been established that despite the amount of money being pushed into the Zylofon group from Menzgold, not even up to 30% has been recouped. READ ALL ABOUT THAT BELOW
Now, these people believe NAM1 was at lost as to how to recoup all these money back into Menzgold since its deposits belonging to Menzgold investors. Feeling lost on how to do that, he took the ultimate path and triggered a shutdown.
In the current situation Menzgold finds itself, if things, unfortunately, do not go well and Menzgold is ordered to completely shut down operations, investors will be damn lucky to recoup even their entire principal deposit.
2. The Securities and Exchange Commission letter dated 7th September ordered Nana Appiah Mensah’s Menzgold to shut down immediately the product of the company which they have been informed violate the company’s permit (Thus Collection of deposits from individuals).
The notice further informed the company to continue other business which the permit allows and then have a sit down with the authorities to settle the permit issues they are violating.
Wouldn’t it be better to have a sit down with SEC and solve issues than to run to court where it will take probably years to resolve a financial issue as sensitive as this one?
If NAM1 wants his business to sustain, is running to the court the best option he has at the moment? In the meantime what happens to the millions of dollars invested with Menzgold as Menzgold’s UK lawyer engages the Securities and Exchange Commission in a legal battle which might take years.
Through all these, who benefits? It’s obvious NAM1 will have more time to put his house in order before the case is settled. And if the legal battle goes against Menzgold, didn’t NAM1 do his best? He even brought an internationally renowned law firm from the UK to help him. Can you blame now?
NOTE: These reports all pure speculations without any prove Ghpage.com has been following the conversation and we thought it wise to let you know all sides of the theory which is being considered by Ghanaians who have been affected by this “temporal” shutdown.
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