• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Thursday, March 4, 2021
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Election 2020
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Election 2020
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

We can’t grant your bailout package request – SEC to Menzgold customers

Delali Adogla-BessabyHanson AgyemangandDelali Adogla-Bessa
September 14, 2020
Reading Time: 2min read
ShareShareShareShare

The Securities and Exchange Commission (SEC) has shot down a request by customers of Menzgold Ghana Limited to be included in a bailout for depositors of collapsed fund management firms.

The request followed provisions in the mid-year budget for payments to be made to customers of fund management companies whose licences were revoked by the Commission.

In a letter declining the request, SEC explained that the bailout did not cover Menzgold customers.

“Unfortunately, your request for inclusion cannot be acceded to because the target of the bailout is clearly defined and does not cover Menzgold customers,” the letter said.

The letter further informed customers that Menzgold was not an asset management company regulated by it.

The SEC ordered Menzgold to suspend aspects of its operations in 2018.

Since then, Menzgold has struggled to pay its customers their monies.

The Commission recently disclosed that the government is set to announce a bailout package for clients of the now 50 defunct Fund Management Companies.

However, the package will be given in phases with the first phase covering clients of 22 companies currently under official liquidation.

Frederick Forson, the aggrieved Menzgold customers’ spokesperson, however, told Citi News that “the SEC’s reply is very disappointing and it appears the SEC wants to swerve its responsibilities.”

He insisted that the law demanded that customers should be settled by the state.

“It is very clear from the law of the responsibility of the SEC towards the customers of Menzgold.”

Zylophone Hills a scam

The aggrieved customers also urged the public to be wary of the offer of land from Menzgold CEO Nana Appiah Mensah.

In a tweet, he said 500 plots of land have been made available to aggrieved customers on his new project known as the Zylophone Hills.

Mr. Forson said the aggrieved customers should “see it as a scam.”

“We don’t know when he acquired those plots of lands. Was it before the collapse of Menzgold or after it collapsed?” he questioned further.

He also noted that Mr. Appiah Mensah’s properties and his accounts had been frozen in the heat of the controversy surrounding his company.

“So we wonder whether those plots have been released to NAM1 or whether these are newly acquired plots,” Mr. Forson added.

 

 

 

 

ShareTweetSendSend
Previous Post

Akufo-Addo commends Newmont Ahafo mines for partnering government in healthcare delivery

Next Post

I didn’t endorse Akyem Sakawa tag – Mahama insists

Related Posts

Top Stories

Aggrieved Menzgold customers reiterate calls for government bailout

November 12, 2020
News

Menzgold customers besiege Zylofon media over locked up cash

October 31, 2020
Amanda Clinton of Clinton, Head of Chambers at the Law Office of Clinton Consultancy
Top Stories

Menzgold customers threaten to sue state, demand GHS 11, 402,000m plus interest

October 25, 2020
Top Stories

Mahama promises to retrieve Menzgold customers’ money from NAM1 if elected

October 21, 2020
Business

SEC announces new capital requirement for market operators

October 12, 2020
Politics

We also deserve bailout – Aggrieved Menzgold customers to SEC

October 11, 2020
Next Post

I didn't endorse Akyem Sakawa tag - Mahama insists

TOP STORIES

Vaccination a good Christian principle; take COVID-19 jabs – Catholic Church tells members

March 4, 2021

Audit Service Board challenging Domelevo’s nationality was wrong – Kwaku Azar

March 4, 2021

Election petition verdict: Criticise but don’t insult us – Justice Kulendi

March 4, 2021
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2020 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Election 2020

© 2020 All Rights Reserved Citi Newsroom.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?