Information gathered by Pinaxnews.com indicates that a group making up of the defunct gold dealership, Menzgold, have engaged the Speaker of Parliament for help in recovering their locked-up funds.
The group, on Tuesday, June 22, 2021, paid approached Speaker Alban Bagbin to authoritatively lay their solicitation before him and likewise the lawmaking chamber.
The 10-man delegation led by Isaac Nyarko told the Speaker of their situation having had their monies locked with the organization following a financial sector cleanup by the Bank of Ghana which in the long run prompted the closure of of the gold dealership.
As indicated by the delegation, the circumstance has negatively affected them and their families and accordingly deplored their avoidance from the public authority bailout being paid to clients of financial institutions influenced by the cleanup.
Background
The Securities and Exchange Commission on September 12, 2019 called on Menzgold to stop activities with regards to taking on new investments.
As indicated by the SEC, its assessment of the documentation of the gold business firm uncovered that the organization didn’t have the essential permit to deal in gold and exchanging.
The SEC said Menzgold’s activities were in break of Act 929 and again represented “a threat to unsuspecting and uninformed investors.”
Following the SEC’s structure, Menzgold said it couldn’t repay reserves having a place with its financial backers who have since been appealing to government for a bailout.
Government then again has more than once turned down the solicitation of the clients.
The CEO of Menzgold, Nana Appiah Mensah (NAM1) is as of now in court dealing with criminal indictments over his organization’s activities.