The Chief Executive Officer (CEO) of defunct Menzgold Ghana, Nana Appiah Mensah has revealed that they have paid over GH¢9.6 million to their customers even in their state of dormancy.
In an open letter dubbed, ‘to whom it may concern,’ the CEO popularly known as NAM1 said, “as of now, we hold documentary evidence, clearly showing that we have paid over 96 billion old cedis (GHS9.6) even in our state of dormancy and continue to humbly make payments every now and then.”
“We are capable, committed, and shall continue to appreciate the paid up figure to a conservatively minimum amount of 600 billion old cedis (GHS60million) before the end of the calendar month of December 2020 as we commence productivity,” the statement read.
The Securities and Exchange Commission (SEC), halted the operations of Menzgold as it revealed it is not licensed to deal in the purchase and deposit of gold collectibles from the public.
The SEC said this contravened “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
The company was however cleared to continue its “other businesses of purchasing gold from small-scale miners and export of gold.”
It has however failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.
Customers have demonstrated and held press conferences to get their monies back over the past years.