Menzgold: Establish Commission of Enquiry to ascertain total investment locked up - Group to Akufo-Addo

A group calling itself, Congress of Youth Economic Empowerment Seekers (COYEES) has called on President Akufo-Addo to as a matter of urgency establish a Commission of Enquiry to ascertain the total investments locked up at the Menzegold.

The above comment was made at a press conference held at Tarkwa on Thursday, January 24, 2019 by the group's Convener, Emmanuel Wilson Jnr. in solidarity with the aggrieved customers of Menzegold.

Emmanuel Wilson said the Enquiry will help Ghanaians to know the actual monies Menzegold owes these aggrieved customers.

He revealed, "We have been told that the genesis of Menzgold can be traced as far back as 2014 when the Bank of Ghana discovered an entity called “Menzbank” in a special exercise, and subsequently, on March 11, 2015 did warned the public against the activities of that entity. We have again been told that this entity later changed its name to “Menzbanc” (which ends with a “C”), to which the Central Bank responded with another caution to the general public on April 13th, 2016. According to the anecdotal evidence, the Bank of Ghana subsequently launched full-scale investigations into the operations of this stubborn entity by involving key stakeholders such as the PMMC and the Minerals Commission on 16th August 2016".

He questioned "At this point, Ladies and Gentlemen, it is worth asking how come an entity that has been a subject of investigation is allowed to grow into a monster that has now swallowed up several millions of Ghana Cedis? It is obvious from the above narrative, that had the Bank of Ghana utilized its institutional memory and discharged its regulatory responsibility well, this little scheme that was uncovered in 2014 and investigated for two years will not have grown into a full-scale Ponzi scheme. Of course, we need not belabor the point that the operations of the BOG transcends political regimes. Therefore, why must our problems always replay themselves in even larger proportions anytime there is a change of Government? We demand answers from the Bank of Ghana as to why the Central Bank failed to aggressively pursue investigations that were commenced by the previous leadership".

He said "We demand that the President establishes a Commission of Enquiry in accordance with Article 278(1) of the 1992 Constitution – “Subject to article (5) of this Constitution, the President shall, by constitutional instrument, appoint a commission of inquiry into any matter of public interest…"

He added "It is our expectation that the Commission of Enquiry would set up regional desk to collate all legitimate customers of Menzgold and their corresponding investments to ascertain the total investments locked up in the scheme. It is also our expectation that the Presidential Commission of Enquiry would unearth the operations of this organized crime and further recommend to the President on how to retrieve and pay to the customers all monies invested in the Company".



Background

Hundreds of Ghanaians are unable to retrieve their investments in Menzgold, and some have gone to court to seek redress.

This was after Menzgold was asked by the Securities and Exchange Commission, SEC, to stop it’s business because it was illegal. The company has since then struggled to pay clients, giving credence to suggestions that he was running a Ponzi scheme.

There is an existing arrest warrant for NAM 1, after it emerged that he had breached his bail conditions and fled the country. Although he’s said to have been arrested in Dubai in the first week of December 2018, news of his arrest became known in early part of January 2019, after the warrant had been issued for him.

His arrest in Dubai is believed to be in connection with a gold deal in Dubai worth millions of dollars that have gone bad.