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RADP / Pulse Ghana  >  news  >  business

Menzgold owes $42m to 46,000 clients

Abu Mubarik

Details are emerging concerning the monies gold dealership firm Menzgold owes its customers.

Menzgold Company Limited
Menzgold Company Limited

The embattled gold collectibles firm reportedly owes its customers about $42 million, according the Daily Guide newspaper.

And there are estimated 46,000 individuals whose funds have been locked up with the company.

Menzgold customers have been mounting pressure on government to retrieve their lock up funds.

Lawyers for the aggrieved customers had claimed Menzgold has about one million customers.

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Respected veteran journalist Kweku Baako disputed the figure, saying the firm n 10,000 customers.

He said: "For the records: The number of Menzgold customers/investors is not above 10,000! My checks show that minus the figure of the Kanashie branch(which I am yet to verify) , the overall customers/investors strength number not more than 5,000.Menzgold runs 7 branches including the Head Office; Kasoa,East Legon, Tema, Dzorwulu(Head Office), Kumasi, Tarkwa and Kanashie. The figures 1.8m, 60,000,etc are obvious exaggerations!”

Meanwhile, it has also emerged that NAM1 has told government to sell his assets to pay off some customers whose funds have been locked up with his firm.

The move is a plea deal Nana Appiah Mensah, aka NAM1, is said to have tabled for government's consideration.

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Abu Mubarik Abu Mubarik Abu Mubarik is a writer at Pulse Ghana with special interests in Ghana politics, international relations and geopolitics.

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