Customers locked up cash at Menzgold GHc200 million-Finance Minister

The Minister of Finance Ken Ofori-Atta has disclosed official records available show over 200 million cedis have been locked up in Menzgold.

The Minister reacting to a question at an engagement with the Military at Burma Camp on Friday asked Ghanaians to examine themselves as to the type of sentiments whether it is over zealousness to get a return which is impossible and therefore what level of greed we have that we are exercising.

I think we have come up with the realisation that maybe over 200 million and change is outstanding… He (Nana Appiah Mensah) has been apprehended in Dubai and I am sure a committee will be put together to see how to liquidate and whatever it is that can be found can be given to those who gave money,” Mr Ofori-Atta said.

“But, government is not going to be spending for issues of this nature where we are very clear that it is not licensed and you know the risks that you have taken”.

He went to state that when a company does snot have a license to do business and you chose to go there, I think its an issue to content with.

President Akufo-Addo who was also at the durbar advised the Military to make good investments to forestall reoccurrence of the Menzgold incident.

The president said for every economy, there are returns on money, which are considered normal or reasonable within the given society or economy.

‘’People come and offer returns that are extraordinary. I am pleading with you, be on your guard. My goodness, as I sit here, I would like to earn 15% return on my small monies every month; I would love it but its not realistic. So the plea I am making-whenever you hear a scheme that come to say they are going to give you money that is extraordinary in its return, you have to be careful about patronising it.’’

This the second time the president has spoken about the issue. He first spoke about the issue on Thursday when he delivered his third ‘State of the Nation Address’.

Some 53 soldiers, in January 2019, have sued Menzgold Ghana Limited, for failing to pay back ¢2.5 million in investments.

The Economic and Organised Crimes Office (EOCO) has frozen the accounts of the CEO of Menzgold, Nana Appiah Mensah (NAM 1).

The landed properties include Menzgold Ghana Limited, Menzgold Office Complex, Zylofon Art Complex, Brew Marketing Consult, Star Mad. Football Club, Zylofon Music and Media Company Limited, Brew Energy Company Limited and G. Tech Automobile Service.

Others include two properties located at Trassaco Valley; namely Plot No. 315 and Plot No. 337, a plot of land (No 54) near Oak Street, Trassaco Valley, an uncompleted residence and 510 acres of land.

A statement issued on Tuesday, January 29, 2019, and signed by the Head of Public Affairs at EOCO, Jacqueline Avotri, therefore, directed all employees of the affected companies, relatives and friends in possession of any of the properties to surrender them to the office.

“Failure to do so will constitute contempt of court which will attract the appropriate sanctions,” the statement said.

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