'I was told NAM1 had room full of money to pay us' – Menzgold client

A customer of the troubled gold-trading firm, Menzgold Ghana Limited, has said that many people were enticed into investing with the company’s Gold Vault Market because of a perception that, the Chief Exective, Nana Appiah Mensah (NAM1), had a room full of money to settle all clients in the event of a mishap.

The client [name withheld], a para-legal worker, who invested GH₡24,000 in August 2018 with the hope of enjoying 10 per cent (GH₡2,400) per month on her gold investment, expressed shock that no sooner had she put her money into the Gold Vault Market business than Menzgold started having issues with the Securities and Exchange Commission (SEC), a situation that has robbed her of any benefit – not even for a month – while her principal remains locked up with the firm.

“I confirmed that it has been running for five years and a worker from Menzgold assured me that even if things go wrong, NAM1 has an air-conditioned room full of money and, so, ‘You will have your money (investment) back once there are issues’”, she said in a radio interview on Accra based Class FM Monday morning [October 8].

According to her, she was confident that: “NAM1 can never disappoint you”, following convincing explanations by a friend coupled with the fact that she personally witnessed many clients receiving their dividend every month.

She said little did she know that she was in for a big disappointment after several visits to the firm’s company without which proved futile as far as the payment of her extra value and principal is concerned.

She said Menzgold has been using its regulatory tussle with the SEC to excuse its failure to pay the clients their investment benefits and principal.

She is one of several thousand clients of Menzgold whose investments are locked up with the firm.

The company closed its offices on Friday and rescheduled payment of extra values for the third time.

Read also: Menzgold suspends payment of dividends again

Some customers who went to the East Legon branch of the firm on Friday, October 5, 2018, did not meet any staff as the premises had been locked.

One customer said she had invested GH₡100,000 and was scheduled to receive her returns on that day but only saw notices on the buildings that announced that the company had ceased operations temporarily.

A police vehicle with two personnel was also stationed at the office.

Related: Menzgold customers can terminate contract after Jan 9

Meanwhile, Menzgold’s new Head of Communications, Nii Amarh Amarteifio has explained that they had to postpone the payment due to attacks and threats on the lives of their staff by angry clients.

According to him, the threats of harm as well as manhandling of their staff by clients led to the closure of their offices, as they make appropriate arrangements to resume payment of extra values on Monday, 8 October 2018.

He said the schedule also had to be reviewed because some of the leaders of the customers expressed reservations about the dates, adding that a new plan will be communicated to clients through text messages.

Mr Amarteifio assured the customers that their investments are safe and their extra values will be paid appropriately.

credit: Classfmonline