Menzgold's clients have twice as much trouble as banks, others sue those who borrowed

General News on Tuesday, January 22, 2019

Source: thebftonline.com

2019-01-22

"When I was convinced that Menzgold was a reality, after having paid me two months of my" surplus value ", I went to Ecobank Ghana and took out a 500 000 GH ¢ loan to complete my investments. over there. Now the bank is suing me for the loan while my money is stuck in Menzgold, "Mr. Seidu (real name disguised), a Takoradi – based businessman and Menzgold 's injured client, told B & FT.

The story above is not unique to Mr. Seidu: after having convinced himself that the company was real, a number of people took out loans from banks, families and / or friends and invested to Menzgold, hoping to earn exceptional interest and repay their debts. no time.

Others have even withdrawn their savings and investments from their banks and investment companies and have deposited everything with Menzgold, in search of the juicy monthly interest of 10% offered by the gold dealer. sloppy.

An electrical engineer in Accra who wants to be known as Adama also took out a 40,000 GH ¢ loan from the same Ecobank Ghana and added 14,000 GH ¢ of his personal savings, a total of 54,000 GH ¢, and invested in society. It has been months since his investment turned against him, he is still obliged to repay his loan with his monthly salary for an investment he has never collected.

Godfrey Ankomah, a teacher based in Accra and also a Stanbic client, has blocked 36,000 GH ¢ from Menzgold – of which 13,000 GH ¢ are a loan he has taken out with his bank. Mr. Ankomah, married with one child, currently earns only 700 GH ¢, his loan being deducted from his salary.

Aside from banks and other financial institutions in pursuit of these aggrieved customers, others are being sued by their family and friends, which has led to strained relationships.

A man, who wishes to remain anonymous, said he has 62,000 GH ¢ with the gold distribution company. Of this sum, an amount of 50 000 GH ¢ corresponds to a loan that a friend promised him to pay as soon as he took his investment from the company. The money is however blocked and his friend also asks him for money.

Many of Menzgold's clients indicated that they initially had reservations about investing in the company until they were convinced by friends and family members who had invested in it and had attested that the company was genuine.

Others were also convinced by the apparent "flirtation" with influential figures in society – politicians, leaders and religious leaders – of society, Nana Appiah Mensah, that the society was real and had deposited all its savings won.

For example, Mr. Seidu – mentioned earlier – totals 1.2 million GH ¢ with the company. He says that he was convinced to invest in the company only after his general manager had visited Shiekh Osmanu Nuhu Shaributu, national chief of the Imam. a figure that Mr. Seidu personally respected.

Mr. Ankomah, for his part, began to believe that the company was real when his wife got a job and convinced him to invest. This then led him to convince his coworkers to join the company, and they did it.

These indebted and highly indebted clients are asking the government to redouble its efforts to have the gold distribution company repaid them – at least, the capital they invested.