Where is NAM 1 – Menzgold customers ask the government

General News of Monday, February 4, 2019

Source: Starrfmonline.com

2019-02-04

Members of the Menzgold Affected Client Coalition (CACM) are demanding government responses on the whereabouts of the company's chief executive, Nana Appiah Mensah.

Customers who besieged the press center on Monday (February 4th) asked exactly when Appiah Mensah, nicknamed NAM 1, would be extradited to Ghana after his so-called Dubai court hearing.

Customers have also submitted to the government an ultimatum of February 7 to create a commission of inquiry to adequately address their concerns, otherwise they will organize a demonstration across the country to report their disappointment.

Menzgold's grieved customers also want all celebrities, government officials, state institutions and foundations who have benefited from NAM 1 to repay all the money and badets that have been donated to them.

"We wish to congratulate the courts for issuing an arrest warrant against Nana Appiah Mensah. We also appreciate the efforts made by EOCO, the National Investigation Bureau and the Ghanaian police in the concerted efforts to bring Nana Appiah Mensah to the shores of Ghana, despite the so-called recent freeze on NAM1 badets and properties. and Menzgold by EOCO seems rather late.

"We are concerned, however, that the Interpol database has not yet recorded the details of Nana Appiah Mensah, even though her mandate is a red alert. We also ask for clarification of where his sisters, other directors and the board chair, Fred Frimpong, who self-proclaimed, has appeared many times to negotiate with clients for the payment of their principal. .

"We demand that the government clarify matters, to inform the public of its investigations into the manner in which Nana Appiah Mensah jumped on bail in Ghana and went to the UAE without the knowledge of her family." EOCO and other security agencies in the country.

"The members of the CMAC want to know if Horizon Royal Diamond actually owns Menzgold for $ 36 million, which would have been exported to Horizon Royal Diamond, as Menzgold officials claim, with the letter of their proof to their president. from the board, Mr. Fred Frimpong. statement issued by Menzgold Monday said.

Menzgold's client funds have been stranded since last September after the Securities and Exchange Commission and the Bank of Ghana ordered them to take on new customers.

You will find below the full statement of the CMAC:

AGGRIOUS CUSTOMERS COALITION OF MENZGOLD – MCCA

RE: POSITION AND CUSTOMER REQUIREMENTS ON MENZGOLD SAGA NOW

INTRODUCTION

Good morning ladies and gentlemen, and good morning to our fellow members of the Menzgold Conserved Client Coalition (CACM).

With respect to the ongoing discussions on the Menzgold issue in the media, as well as the responses and actions taken by the government to date, we, members of the Menzgold Mishap Coalition (CMAC), are not seeking to meddle with the usual political blame ends with casual rhetoric, while leaving our problems unresolved. Given that, we've called you here to address some of the emerging issues and finally come up with concrete solutions that we believe would allow state authorities to recover our millions of blocked investments.

We wish to take this opportunity to thank other Ghanaians who believe in our cause and support our pursuit of justice with the ultimate goal of recovering our hard-earned investments. In this regard, we wish to congratulate the leaders of the Congress of Youth Economic Empowerment Applicants (COYEES) and Mr. Joseph Osei Yeboah (JOY2020) for their unfailing support in this venture. We will continue to deepen our collaboration to ensure that our concerns are properly addressed.

Media friends, we, Menzgold's customers, wish to draw the attention of the people of Ghana and the relevant authorities to the issues described below for quick consideration and action.

– Lack of misguidance and inefficiency in which BOG and SEC issued warnings

– Government's Position on Use of Taxpayer Funds to Settle Menzgold's Clients

– The arrest of Nana Appiah Mensah in Dubai and its efficiency in recovering our funds

– Establishment by the government of a commission of inquiry bringing together all the main stakeholders and professionals concerned

– CACM deadline to the government and our next line of action

Misplaced and inefficient way in which BoG and SEC issued warnings

Distinguished media friends, we, members of the Coalition of Menzgold Injured Customers (CACM), the general impression that the government has successively managed this situation has been catastrophic. Unfortunately, the most prominent figures, including state ministers, prefer to ridicule Menzgold's customers with names such as "greedy customers", forgetting that we, the so-called "greedy customers", we voted them in power to protect us from falling into such a calamity in which we found ourselves now.

How could we, Menzgold customers, think otherwise if our leaders had described Menzgold as an alleged "Ponzi scheme"? Our verified information established that Menzgold was duly registered with the Registrar Generals Department and was authorized to purchase and export products by the Minerals Commission. Gold, for which PMMC confirms having repeatedly exported gold in large quantities and lost from fourth (fourth) to fifth (5th) place in the ranking of gold exporting companies in Ghana

These two institutions (the Registrar Generals Department and the Minerals Commission) are government regulators charged with regulating and protecting vulnerable Ghanaians, but could not collaborate with each other and with BOG to ensure the security of Menzgold's to protect Ghanaian investors.

Ladies and gentlemen, where were they with their repressive and regulatory authorities when BOG and SEC sent warnings to the public and to an institution that was directly under their control for a period of five years? What was the Minerals Commission doing when, for five consecutive years, a regulated institution deviated from its operating mandate as soon as it was allowed to export gold?

Second, what has the SEC been doing since BOG issued its first public warning? Did not they know that a law requires them to investigate Menzgold? At least we expected them to ensure that their standard protocols, in accordance with SEC regulations, are followed.

Third, the government has encouraged Menzgold's clients to seek redress through the courts, as the SEC and BOG have no mandate to interfere with the contractual obligations that bind MenzGold and its clients. This position is also troubling since the current quagmire is not the result of MenzGold's intentional breach of its contractual obligations to customers; the company did not die from a natural death or intentionally bent. On the contrary, SEC ordered the closing of MenzGold's central commercial activity, believing that MenzGold was engaged in illegal deposit and secondary placement activities. In accordance with Subsection 2 of Section 123 of the Securities Industry Act 929, it is formulated as follows:

"If the board is satisfied that a person has obtained money unlicensed or contrary to the terms of its license, it must, in writing, enjoin it:

a) Reimburse all the money obtained and the profits made by the person

(b) return badets acquired through money or deposits obtained illegally; or

(c) Pay to the respective persons from whom such sums were obtained any interest or other amounts that may be owed by that person.

In the course of its investigation, carried out by SEC before the closure, the following conclusions were drawn: "There is a need for further investigations and the competent institutions are requested to coordinate their actions in order to put an end to the activities of both companies. and to sue its directors and officers concerned violations of SEC legislation It is also necessary to think about ways to protect customers' investments.

Unfortunately, the above protocols were not properly followed, as the SEC gave MenzGold a rather baffling margin of maneuver, allowing it to operate for almost five (5) years. It is disconcerting that the SEC with such evidence of misconduct has reneged on its role of ensuring complete closure in a timely manner, thus giving MenzGold the necessary time to clear bank accounts and possibly to sell personal and commercial property that could have been helpful to clients in court. suit. While we affirm our confidence in Ghana's legal system, we are concerned that the SEC's flippant approach has caused significant damage, with the eventual disposal of badets and the dissipation of bank accounts over the course of five (5) years. recent months that could compromise the purpose and viability of a lawsuit. We can not risk more time and money for litigation, because we fear that when the court renders its judgment, there will be nothing left to lose. Our only hope is that the government addresses the issue and uses the power of the multiple agencies at its disposal to locate and recover our investments where they have been spent, because the government has created the mess and must badume all the responsibilities to resolve this. problem.

Notwithstanding the aforementioned laws that SEC has never enforced for more than five years, Menzgold subsequently gave Menzgold the opportunity to argue that its activities as a trading company are outside the scope of regulators, which results in: the complexity of the problems.

Now, we, the clients, want to ask, "So, how does SEC justify its intervention in Menzgold's operations when it did not enforce its laws in the first and second years of Menzgold's operation?

Why could not BOG crack down on Menzgold more quickly and effectively with SEC, Minerals Commission and EOCO in their first years of operation, as they did for God Is Love and Jaster Motors that were not in the field of regulation?

Did some high authority powers help Menzgold become a monster today? The truth will surely come out someday.

In light of this evidence and other new evidence, it is logical for us, members of the CMAC, to conclude that Menzgold operated in the public domain with the required business licenses, which made it a legitimate business employing significant number of employees, both in Ghana and abroad. Menzgold was forced to respect the government's taxes and direct and indirect taxes, including the contribution of the SSNIT to its workers for five (5) consecutive years, thereby affirming its legitimacy with well-intentioned investors and Ghanaians. It is therefore unfortunate that the government may attempt to evade its responsibilities to millions of affected Ghanaians whose investments are blocked with Menzgold following a case of clear violation of the regulations.

Therefore, we call on the government to do what is necessary so that we can receive our money in full, while working hard to save the investments and deposits of Ghanaians in collapsed and privately owned banks with Ghanaian taxpayers for whom we, the CMAC and the "paid taxes" of Menzgold are included.

Government's position on the use of taxpayer funds to settle Menzgold's clients

Friends of the media, we mean with empathy, NO revocation, that members of the CMAC look forward to receiving our FULL (100%) money from our director before we can rest in this struggle for justice and accountability. In the same way, the government was able to burn its fingers to save collapsed banks belonging to individuals because of the bankruptcy of its regulatory institutions. In the same way, we, members of the CACM, want the government to burn its fingers to meet our demand. % of the major savings on life stuck with Menzgold due to the failure of government institutions such as the Minerals Commission, the SEC, the BOG and the Registrar Generals Department to collaborate in regulation or to Menzgold's repression during their first years of activity.

In fact, we are Ghanaians who also pay our taxes to the government and have the right, as Ghanaian citizens, to also ask the government to listen carefully to our plight of national interest. We also believe that as well-meaning citizens of the state, the government owes us the duty of care, the right to fair and equitable treatment and transparency, in accordance with the provisions of the Constitution .

We are well aware that the issue of Menzgold's customers and society has long been a national security issue and a national disaster that has hit Ghana. This is clearly evident in the number of deaths, attacks and serious illnesses reported among our fellow clients. We therefore ask the government to put in place a public inquiry-type hearing that will ensure a complete and comprehensive resolution of all matters relating to Menzgold. We believe that the revelations of the commission of inquiry will ensure that such a so-called "Ponzi scheme" will never happen again in our country.

The arrest of Nana Appiah Mensah in Dubai and its effectiveness in recovering our funds

We wish to congratulate the courts for issuing an arrest warrant against Nana Appiah Mensah. We also appreciate the efforts made by EOCO, the National Investigation Bureau and the Ghanaian police in the concerted efforts to bring Nana Appiah Mensah to the shores of Ghana, despite the so-called recent freeze on NAM1 badets and properties. and Menzgold by EOCO seems rather late. We are concerned, however, that the Interpol database has not yet recorded the details of Nana Appiah Mensah, even though her mandate is a red alert. We also ask for clarification of where his sisters, other directors and the board chair, Fred Frimpong, who self-proclaimed, has appeared many times to negotiate with clients for the payment of their principal. . This refers to the allegations made by the Menzgold CROs. A copy of their press release is here for your reference with different names of the executive staff.

We also request that all Menzgold's bank accounts and Nana Appiah Mensah's personal bank accounts be frozen and published. All members of Menzgold's board of directors and management must be arrested, investigated and, to the extent possible, their accounts are frozen and their badets acquired during the course of the investigation. of their period of work with Menzgold must be confiscated. The details of all blocked bank accounts and confiscated badets must be published in the public domain for the sake of transparency and accountability to all Ghanaians concerned, the Menzgold saga being a national disaster and of interest national.

We call on the government to inform the public of its investigations into the manner in which Nana Appiah Mensah jumped on bail in Ghana and went to the UAE without the knowledge of EOCO and other agencies. security of the country. CACM members want to know if Horizon Royal Diamond actually owns Menzgold for $ 36 million, or gold exported to Horizon Royal Diamond, as Menzgold officials claim, in their letter of evidence to their president from the board of directors, Mr. Fred Frimpong.

We also ask the State to ensure the veracity of the information that Horizon Royal Diamond has lost more than $ 50 million to a Ghanaian company under investigation by EOCO, which could be related to the arrest of Nana Appiah. We believe that by responding adequately to these questions, we will bring transparency and dispel many doubts. We are finally beginning to see the government's efforts to participate in helping us recover our stolen investment with Menzgold and we hope that the government will be transparent in dealing with Menzgod's investigation issues. As clients, we were worried when the so-called team supposed to have gone to Dubai announced a bad court appearance date. This led most of our clients to believe that the government and some government agencies may not be providing us with the information needed to understand the real situation. We urge the government and state agencies responsible for the case to provide us with accurate and up-to-date information.

Today, Monday, February 4, we, members of the CACM, want to know if Nana Appiah Mensah has been brought before a court in Dubai. If so, what will be the outcome of the questionable report from EOCO and the police department.

Establishment of a commission of inquiry

Given the complex nature of the menzgold issue and the apparent appearance of regulatory arbitrariness, we would like to call on the government to expedite its investigations into the Menzgold saga in order to save millions of affected Ghanaian citizens, both at home and abroad. country and abroad. in great turmoil and the development of chronic diseases, while others have fled their homes because of fear of arrests and death threats by their debtors. More than ten of our members have been counted dead and many are considering suicide because of the loss of all their savings, including single mothers and the many retired senior officers among us.

In view of the crisis our members are going through, with their families and their distant relations, we ask the President to set up a commission of inquiry in accordance with Article 278 (1) of the 1992 Constitution, according to which Article five is submitted. of this constitution, the president designates, by constitutional act, a commission of investigation on any question of public interest.

We, members of the CACM, expect the inquiry commission that she asks Menzgold the global database of its legitimate clients in all branches. We think this will provide the government with the real total investment stuck with Menzgold.

We also request that the investigation team of the security agencies and the inquiry committee include the client representatives (preferably the leadership of the CACM) in order to guarantee the transparency of the full treatment of the Menzgold saga.

CACM deadline for the government and our next line of action

As media friends, the members of the CMAC developed these revelations after careful reflection on the various discourses in the media and on our various secret discoveries from the activities of Menzgold's management and the various security agencies.

In this perspective, the members of the CACM fully badociate with the ultimatum given to the government at a public forum recently held in Tarkwa for threatened clients of Menzgold, organized by the Congress of Applicants of 39, economic empowerment of young people (COYEES). This ultimatum will expire on Thursday, February 7, 2019, so that the government can deal adequately with the aforementioned issues and other concerns of our members.

In the event that the government does not act quickly and neglects our call for an inquiry commission, the CACM will conduct a demonstration of one million members across the country to express our disappointment and our level of zero confidence in the government with regard to its questionable investigations and its casual attitude towards the recovery of our blocked investments in Menzgold, as well as the general failure of the entire financial system of the country under the direction of our President, His Excellency Nana Addo Dankwah Akuffo-Addo.

Secondly, we, members of the CMAC, will disclose names and petition all foreign embbadies and consulates to deny to government officials who we believe have collaborated and fail, visas allowing them to leave the country. to the resolution of the Menzgold saga.

We wish to inform the government that we can not sleep and that, therefore, we will not let them sleep as our funds remain stuck with Menzgold and other financial institutions.

Finally, we also wish to advise politicians against the politicization of our desperate situation, because we fear that such attempts will eventually discolour and dilute the pbadionate speech and the actions needed to ensure a lasting solution. Nevertheless, we welcome any action on their part that may lead to our 100% recovery of our investments.

Ladies and gentlemen of the media, in addition to the requests previously expressed, we, members of the CMAC, want to focus on the following points:

1. The heads of institutions (BOG, SEC, Minerals Commission and General Registration Department) who have failed in their obligations to protect Menzgold investors must be FIRED !!!

2. Politicians who have benefited from the so-called $ 51 million must repay the amounts claimed by Nana Appiah's father.

3. Celebrities, civil servants, state institutions and foundations that have benefited from the NAM program 1 The mission must reimburse all the money and badets that have been donated to them.

The media friends, leaders of the Menzgold Injured Customer Coalition, wish to express our gratitude to all of you for your continued support and to accompany us in these difficult times.

Thank you

Management of the Menzgold Injured Customer Coalition