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General News on Tuesday, April 2, 2019
Source: citinewsroom.com
2019-04-02
Dr. Daniel Ogbarmey-Tetteh, Chief Executive Officer, Securities & Exchange Commission,
Customers of Gold Menzgold distribution company should not expect to receive their money as soon as possible because the Securities and Exchange Commission (SEC) has stated that it can not guarantee repayment of this sum blocked.
At a press conference on Tuesday, SEC executive director, Reverend Ogbamey Tetteh, said nothing could be done for Menzgold's clients.
"The truth is that we do not know the exact amount of money raised. I think that they [customers] can hope for the best but no one can give them any guarantee. The SEC is certainly not in a position to repay the lost investments … I'm not sure that they can hope for anything.
However, he added, the Commission can only join other bodies in soliciting information on Menzgold's badets that could be used to repay the debt of the company in difficulty.
"What can happen is that no matter what badets can be located, anything that can be done can be used to sort the people who spent their money there pro rata …[If there is nothing, nothing will be used] to sort people, "added the boss of the SEC.
We will not pay blocked money from Menzgold customers – Minister of Finance
Finance Minister Ken Ofori-Atta had previously said that the government would not use taxpayer money to sort Menzgold's clients.
Ofori-Atta said Menzgold's customers were greed-driven because the company's promised return on investment was unrealistic.
"I think it's not up to the government to fund or get your money back for you. It was an obvious trap in which you entered. As an industry, we should perhaps also put pressure on the whole issue of education and empowerment so that people do not fall prey to it, "added the Minister of Finance.
We will not allow Menzgold to escape the urge to steal – Customers
However, the Menzgold Affected Customers Coalition said they would not back down in their efforts to recover the company's money.
According to clients, although no significant progress has been made in their quest to recover their secure money, they are resolved in their pursuit.
Coalition chairman Timothy Binob said he would protest until his funds are recovered.
"What we are saying is that we are never happy about this problem and that we will never be happy because we have a lot of money stuck in Menzgold. And we will never let them go unscrupulously. We must keep these funds frozen in Menzgold.
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