Government is reactant to prosecute NAM 1 – CACM

Coalition of Aggrieved Customers of Menzgold (CACM), addressing the mediaCoalition of Aggrieved Customers of Menzgold (CACM), addressing the media

In a latest development, customers of Menzgold, have vowed to use all avenues available to retrieve their locked-up investments from the company.

The Coalition of Aggrieved Customers of Menzgold (CACM), at a press conference in Accra on Tuesday 14th, September 2021, accused the government of Ghana for failing to protect funds of the investors, thus affecting their everyday life.

The customers intimated that, “unconcerned posture” of the government, saying they “are yet to see any remedy by the government or its agencies in assisting customers to retrieve their locked up investments.”

“The rampant adjournment of the criminal case (which has been running for three years) has shown that till date, the state’s prosecution team has not been able to even proffer charges for trial.”

Feeling resentment at having been unfairly treated, the coalition reiterated that, “This is a clear sign that government lacks the commitment to prosecute NAM 1 as many see the trial as ‘a government dancing kpalongo’ in court with NAM 1.”

The group further indicated that, the initiative by the Securities and Exchange Commission (SEC) to shut down Menzgold in September, 2018 was hasty.

“Menzgold was a legitimate company, registered and licensed by appropriate state agencies under the laws of Ghana to operate. If the state feels that the company added on other operations that encroached the jurisdiction of another regulator, it is not the customers who should suffer for the company’s shortcomings.”

“Customers have suffered in silence for government’s failure at its own job and we will not continue to keep mute,” the coalition reemphasized.

What is the way forward?

CACM are therefore urging Parliament to investigate the closure of Menzgold including the role played by SEC and EOCO as well as the bank accounts of the CEO and board members of Menzgold and Brew Marketing Companies; the whereabouts of some 400 kilograms of gold assets should also be investigated.

New claim

The Coalition further revealed that,
“It has come to our attention that Nana Appiah Mensah, also known as NAM 1, who is the major contributor to our current plight, has been given a new license with which he has started trading in minerals once again as Ivex Minerals.”

“This comes to light after NAM 1 who is currently standing criminal prosecution in our law courts failed in operating PayBoy, Menzgold Prado, Menzgold Global, Zyllawood, etc in the aftermath of Menzgold’s collapse. We want this case to be treated as a national emergency issue,” CACM added.

“We call on the government in the spirit and within the wind of cooperation blowing in Parliament, to work closely with the august house of Parliament to find an amicable solution to this conundrum that customers find themselves,” they bemoaned.

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