- Kennedy Agyapong, has backed the government’s moves to clean up the financial space
- The MP said the NPP administration was wary of how the DKM saga, among other struggles within the financial sector, affected the NDC ahead of the 2016 elections
Member of Parliament for Assin Central, Kennedy Agyapong, believes government is doing the right thing by ensuring that Menzgold complies with the law.
According to him, the New Patriotic Party (NPP) administration will not be slow to act like the opposition National Democratic Congress (NDC) did in the case of DKM.
Menzgold has been in the news in recent weeks following disagreements with some state institutions regarding its operations.
The issue took another twist two weeks ago following a directive from SEC to have the company shut down its gold trading activities.
Menzgold has since suspended its gold vault businesses, sparking fear from its customers about losing their investments.
Mr. Agyapong, though, has backed the government’s moves to clean up the financial space and believes Menzgold should not be left out.
“It [the Bernie Maddof scandal] is no different from what is happening,” the maverick MP said on Adom TV.
“Whether panic today or tomorrow or yesterday, they have to feel it so that next time, when someone offers an investment, you are more careful; because of greed you chase after 12 percent monthly interests,” he added.
Explaining why the public should not interfere in the Menzgold, saga, the lawmaker said it is necessary for the gold dealership firm to be checked in order to avoid another Ponzi scheme hitting the nation.
“You can’t fight the Securities and Exchange Commission because we need to regulate this. If not, we’ll get to the point where it is like DKM, which we in the NPP campaigned on and we have learnt our lessons.”
“If we just sit for some financial institutions to mess up, they [the people] will blame us,” the MP said.
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