SEC says government will not pay locked-up funds of Menzgold customers

SEC says government will not pay locked-up funds of Menzgold customers

- The Security and Exchange Commission (SEC) has said the government will not pay Menzgold customers

- The SEC says affected Menzgold customers are not covered in the bailout fund for depositors

- A statement signed by the Commission says Menzgold was not an asset management company regulated by the SEC

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The SEC has announced that the government will not pay the locked-up fund of Menzgold customers.

A statement signed by the Director-General of the commission, Rev. Daniel Ogbarmey Tetteh, and sighted by YEN.com.gh, shows that the affected Menzgold customers are not covered by the bailout fund for depositors.

The fund was set up by the government to see to it that customers of qualified defunct financial institutions were paid.

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An amount of GHC3.1 billion (0.78%) has thus been set aside for the purpose.

However, the statement says Menzgold customers will not benefit from the bailout because the company was not an asset management entity that was regulated by the SEC.

The SEC revelation also indicates that the CEO of the defunct Menzgold Company Limited, Nana Appiah Mensah, popularly called NAM1, was doing his own thing with the money he took from his clients.

SEC says government will not pay locked-up fund of Menzgold customers

SEC's statement on the government not paying locked-up fund of Menzgold customers. Photo credit: SEC
Source: Facebook

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This revelation is sure to dash the hopes of Menzgold customers who have been assured over and over that they would be paid their monies.

It would be recalled that when the SEC shut down his company in 2018, NAM1 fought back, stating confidently that he was not operating under the commission and was not being regulated by them and so they had no right to close down his business.

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The company appears to be toying with the emotions of its customers. First, they called on the customers to submit their documents for verification to enable payment.

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Secondly, dates were set aside for the payment. However, none of these have been realised.

The angry and disappointed customers have gone on demonstrations many times but to no avail.

NAM1 has been in the news for ignoring the plight of his customers and showering praises on his wife Queen Rozy on her birthday.

YEN.com.gh also published how a NAM1's look-alike was attacked by Menzgold customers because they thought he was NAM1 himself.

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