Finance minister reveals the amount locked up in Menzgold

Finance minister reveals the amount locked up in Menzgold

Finance minister Ken Ofori-Atta has revealed the amount of money locked up in Menzgold.

In a report sighted by YEN.com.gh on Myjoyonline.com, official records show at least 200 million cedis have been locked up in Menzgold, an investment firm now dismissed as a Ponzi scheme.

The finance minister made this known during a durbar with army officers in which the President, Nana Akufo-Addo, was present.

Finance minister reveals the amount locked up in Menzgold

Finance minister Ken Ofori-Atta (Photo credit: Myjoyonline.com)
Source: UGC

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The information, which was in response to a question, reveals for the first time the extent of loss Menzgold customers have been exposed to after an undisclosed number of them bought into their business pitch of paying 7% to 10% returns on special gold collectibles bought and deposited with the company.

The question from an army officer also opens the lid on the level of involvement of security officers in the business that is believed to have attracted a wide spectrum of Ghanaians including religious leaders.

Already 53 soldiers, in January 2019, have sued Menzgold Ghana Limited, for failing to pay back ¢2.5 million in investments.

READ ALSO: Gov’t to liquidate Menzgold’s properties to settle debts

The company began crumbling in September 2019 after the Securities and Exchange Commission ordered it to shut down its “gold” dealership operations.

The CEO of Menzgold Nana Appiah Mensah (NAM1) absconded to United Arab Emirates but has been arrested by Dubai authorities and is standing trial for a business gone bad.

Meanwhile, a young man said to be a brother NAM1 has refuted widespread reports that he has won his court case in Dubai.

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According to him, he had received many calls and text messages from people asking him whether the reports that NAM1 had won his Dubai court case was true.

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Source: Yen.com.gh

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