Some customers said they know some high profile people who have their investment locked up with Menzgold. However, they fear to speak up because they do not want to be ridiculed.
Speaking on Citi TV, three of the customers said they know some high profile people who have their investment locked up with Menzgold. However, they fear to speak up because they do not want to be ridiculed.
According to them some of these people are respected people in the country and their societies who would not tell their stories because of some disparaging comments that have been made against Menzgold customers in the past.
Some have described the customers of Menzgold as greedy and ignorant people.
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Kofi Ankomah, one of the customers, said he’s no more able to defend the company due to public reactions.
“I told you earlier that people were not talking because of stigmatization. I was more like a PRO to Menzgold; I defended them… People were saying you people are lazy people. People cannot sleep, but people are just not confident enough to come out. I do not know why you coil into your shell.. people outside the shores of Ghana want an update”.
Another customer, Nii Ayerh, added that “When an MP had come out to say people who did business with Menzgold were glorified lazy people, you don’t expect all the big men to show up… but we know that people can’t sleep.”
When asked if they believe there are a lot of respected people who don’t want to come out to say anything because they are afraid. “Oh yes, a lot,” all three Menzgold customers responded almost simultaneously.
According to Kenneth Nimo, personnel of the various security agencies, as well as other institutions and welfare schemes, have also invested in Menzgold.
“We have security people, a lot of them. Soldiers, police, fire service. The nature of returns was made attractive for people who had money and did not have immediate uses, and we had a lot of such people including pensioners who had received monies from their children. We even heard stories from a soldier who invested his peacekeeping monies.” He said.
How did Menzgold get here?
The Bank of Ghana (BoG) issued a public notice cautioning Ghanaians against investing their money with Menzgold.
According to the SEC, Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns for clients without a valid license from them.
The directives and responses from the company received mixed public reactions leading to panic withdrawals.
The company closed and reopened on September 28, as talks between Menzgold and the regulator continued.
Menzgold then hired a UK law firm, Baker & McKenzie LLP, to legally confront the SEC.
Menzgold then sued the SEC and BoG, seeking the court to order the two institutions to stop interfering in its business.