Menzgold Not Down; We’re Bouncing Back Strong – CEO
Chief Executive Officer (CEO) of Menzgold Ghana Limited Nana Appiah Mensah has finally opened up on issues surrounding the embattled firm.
Menzgold is currently not operating as they are in a legal tussle with the Securities and Exchange Commission (SEC) as well as the Bank of Ghana (BoG).
Nana Appiah has been silent ever since the firm got themselves in this legal battle with BoG.
In an interview with Zylofon FM, Nana Appiah Mensah popularly known as NAM 1 apologized to all customers of Menzgold for the troubles they find themselves in
According to him, Menzgold company will be strongly rejuvenated after the whole impasse has been laid to rest.
”Menzgold would have a great rebound and will even be greater than our first five years of operation,” – Nana Appiah Mensah said.
“I believe there are no challenges in this world that can’t be solved. If there are challenges we must address these challenges for us to be able to sit well with the authorities and do our business.
“We will continue to obey the law and subject ourselves to the authorities. If the authorities think we have erred we will subject ourselves to the law for direction.
“Menzgold will have a great rebound more than what we have done in the past five years.” – he indicated.
Menzgold will resume operations on Monday when it starts migrating customers to an online platform to ensure continuous and smooth operations to investors.
The digital migration also ensures that they will not be bound by the regulatory issues that brought the halt in the operations of the company in Ghana.
Menzgold will start paying 15% of principal of the investors who are keen on terminating their contract from Friday as it seeks to stabilize its operations.
It would be recalled that the Securities Exchange Commission (SEC) in September 2018 ordered Menzgold Ghana Limited to suspend its gold trading operations with the public.
The directive, according to SEC, was based its claim that Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients without a valid licence from the Commission.
The move, SEC explained, was in contravention of “Section 109 of Act 929 with consequences under Section 2016 (I) of the same Act.”
The company however says it does not accept deposits from clients insisting its operations are legal.