- Aggrieved Menzgold customers are heading to the courts for some respite
- Lawyer for the aggrieved customers say authorities are to blame for their locked up funds
- About 11 million cedis of principal investment have so far been locked up in the Ponzi Scheme
Menzgold customers in their latest attempt to reclaim their lost deposits have dragged government to court over what it describes as the state’s failure to protect them against a Ponzi scheme. Twenty-eight of them are seeking a civil claim of 11 million cedis.
They want the court to hold the Security and Exchange Commission, the Economic and Organized Crime Office, Bank of Ghana and Attorney General’s department for the losses suffered in the Menzgold saga.
Lawyer the aggrieved customers, Amanda Clinton says this case will set a precedent to hold government liable for failure to act or exercise its authority sufficiently enough during the commission of a Ponzi scheme enterprise.
“The government has failed in protecting the aggrieved customers. They failed in the timeliness of their warning against Menzgold by the Securities and Exchange Commission (SEC). This is wrong, and they must be held accountable,” Amanda Clinton told Joy FM.
Earlier in the Western Region, Tarkwa specifically, hundreds of angry customers of defunct Menzgold Ghana Limited poured to the streets of Tarkwa in protest for their funds.
The parent group, Coalition of Aggrieved Customers of Menzgold (CACM) are demonstrating against the government for paying a deafen ear to their concerns despite the repeated request for a bailout.
Earlier reports had it that they were turned down by the police in their request to embark on this demonstration while the Vice President Dr Mahamudu Bawumia was on his two-day tour in the Western Region.
National Chairman for CACM, Isaac Nyarko argues that the law is explicit on their condition, "Act 929 gives an indication of the regulator's responsibility owed to them".
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