Embattled C.E.O of defunct gold-dealership Menzgold, Nana Appiah Mensah, popularly known as NAM1 has issued a statement encouraging customers to purchase a GHS650 Menzgold Digital Verification Access Card in order to verify their transactions before payment.
According to a statement signed by NAM1, this verification card will give “customers who believe they have genuine indebted transactions claims, to check their transaction status.”
Customers of the defunct gold-dealership who wish to claim their transactions are encouraged to upload original coloured soft copies of their transactions supporting documents from 10th August, 2023 to 14th September, 2023.
According to the statement, this has become necessary because “over sixty percent (60%) of claims they have received were fraught with unacceptable infractions which invalidate the claims in question.”
This according to the C.E.O will enable the company to do due diligence of customers they are indebted to before they make any payments.
The statement also sent a word of caution to customers who fail to go through the verification process stating;
“Customers who fail to undergo this process risk forfeiture of their purported claims, as their right of claim would have been waived by the failure on their part to discharge their obligation.”
Read full statement released by Nam1 below
Menzgold was a company that was previously known as Menzbank, then Menzbanc, and finally Mengold.
The company’s problems began when the Securities and Exchange Commission (SEC) ordered the gold trading company Menzgold Ghana Limited to immediately cease all investment activities due to violations of the Securities Industry Act of 2016. (Act 929).
The SEC order also prohibited Menzgold from soliciting new depositor contracts or advertising their investment company.
According to a letter addressed to Menzgold CEO Nana Appiah Mensah, investigations by the regulator revealed that Menzgold’s business, which involves the purchase/deposit of gold from the public and contracts issued with guaranteed returns with clients, is a capital market activity that cannot be conducted without a valid licence issued by the SEC.
The Menzgold was established in 2014 and was shutdown on September 2018 by the Ghana Securities and Exchange Commission.
The company has been crawling since it was halted from operations, leaving customers with a terrible taste in their mouths as they try to recover their investments from the company’s coffers.
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