Menzgold Saga: Bagbin Assures Aggrieved Customers Of Probe Into Collapse Of Gold Trading Firm

• The Speaker of Parliament, Alban Bagbin, has assured aggrieved Menzgold customers that their petition to resolve the saga will be considered
• The aggrieved customers of the defunct company called on the Speaker of Parliament on August 2, 2023
• Bagbin said he plans to set up a five-member committee to probe the matter before consideration by Parliament

The Speaker of Parliament, Alban Bagbin, plans to set up a five-member committee to consider a petition by aggrieved Menzgold customers to probe the closure of the company.

During a courtesy call by the customers on Bagbin, the Speaker of Parliament said the findings of the probe will be brought before MPs for consideration.

Bagbin said the petition, which was presented in 2021, has been through due process and would be brought before Parliament before recess.

The aggrieved customers, who have funds locked up with Menzgold, urged the Speaker to expedite the process to consider the petition.

Read also

Cecilia Dapaah stolen cash scandal: Police reveals Attorney-General is taking over the case

South Dayi MP, Rockson Dafeamekpor, who submitted the motion to the Speaker, also urged the Speaker to ensure the petition comes before Parliament.

He noted that the only issue around the Menzgold saga was a court case, thus a motion could be made for a committee to consider the matter.

Customers hopeful

Speaking to YEN.com.gh, the convener of the aggrieved customers, Frederick Forson, said Bagbin's comments had given them renewed confidence.

"We are now very hopeful that something is going to be done to ensure that this whole issue, in respect of the customer's point of view, is brought to some finality," he said.

Forson explained further that Parliament was looking into the extent to which Menzgold was caught up in the financial sector clean-up.

"To the understanding of Parliament, Menzgold was part of the financial sector cleanup and so we also deserve to be bailed out.”

Read also

"Create, loot and share venture": Expert, NDC MPs slam Akufo-Addo's affordable housing project

Alleged fraud

Mensah, his wife, and his sister, have been accused of using Menzgold to defraud more than 16,000 people of GH¢1.68 billion.

YEN.com.gh reported when Mensah was first arrested in January 2019 in Dubai and granted bail.

Menzgold, a gold trading firm, suspended its operations after an order from the Securities and Exchange Commission (SEC).

Menzgold has been dealing in the purchase and deposit of gold collectables without a license.

Attempts at settling customers

In 2021, YEN.com.gh reported that Menzgold announced the list of eligible customers to receive payment of their locked-up funds.

At the time, Menzgold listed 181 customers as eligible customers.

But customers have still not been settled by the defunct company, according to spokespersons of the affected customers.

Most recently, on July 30, 2023, Menzgold said it had completed a validation exercise and was working towards paying customers.

Read also

Venezuela torture victim uses VR to shed light on infamous prison

Source: YEN.com.gh