For the past weeks things have not been looking well for Nana Appiah Mensah and his Menzgold, and it doesn’t seem to be getting better with time either.
The ongoing Menzgold and the Securities and Exchange Commission’s brouhaha has caused many Ghanains including Politicians to react in different ways.
One of the many people caught up in this seemingly unrest is comedienne Afia Schwarzenegger.
In a video posted on her timeline Saturday morning and sighted by EonlineGhana.Com, Afia warned the young business mogul.
In her video which she captioned “Someone should help me warn that thing called Nam 1” she revealed that she has been having sleepless nights because of what NAM 1 wants to do to her mom.
Apparently, her mom invested 4 million Ghana Cedis with Menzgold and their efforts to get the money back has proven futile as the gold dealership firm keeps giving them inaccurate stories about why they can’t refund the money.
Watch the video below
SEC directed the company to stop trading in gold collectibles in a letter dated September 7, 2018.
That was after SEC had met management of Menzgold in August 2018.
On August 27, 2018, SEC gave Menzgold two days to respond to its queries but the gold dealership company, in a letter dated August 29, 2018 to SEC, asked for a two-week extension.
Menzgold previously called the bluff of Bank of Ghana (BoG) and vowed not to adhere to the Commission’s directive.
Lawyer for Menzgold Kwame Akuffo wrote to SEC, saying “purported directive to shut down or suspend its operations is untenable and it’s unable to comply.
Menzgold, however, was of the view that SEC was silent about its request for an extension.
The Commission revealed that the aspect of Menzgold’s business which involves the purchase/deposit of gold collectibles from the public and contracts issued with guaranteed returns with clients is a capital market activity (issuance of gold-backed depository notes to the public) it is engaging in “under Act 929 without a valid licence issued by SEC contrary to Section 109 of Act 929 with consequences under section 206 (1) of the same act.”
Menzgold initially described the leak to the media of a confidential meeting as distasteful and an affront to cooperation.
The company for the second time decided to eat the humble pie, explaining that “this decision, though very unfavourable to us, has been informed by our commitment to the rule of law, absolute respect for state agents, agencies and total submission to the state.”