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General News of Thursday, 11 February 2021


FLASHBACK: Even going to heaven is a risk – Menzgold customers rubbish claims of investing in Ponzi scheme

Some aggrieved customers of defunct gold dealership firm Menzgold Ghana Limited in February 2020 shot down claims that they knowingly invested their funds in a Ponzi scheme, regardless of several cations issued by state financial regulatory bodies.

According to investors, their decision to put their money in the gold dealership firm was in line with necessities in life that naturally come with their risks.

Read the full article as first published by below:

Some aggrieved customers of defunct Menzgold Ghana Limited have shot down claims that they knowingly invested their funds in a Ponzi scheme, regardless of the several cautions by the Securities and Exchange Commission.

They hold that it was a risk that falls in line with some basic necessities in life thus, chastising them adds no value to their plight.

“Even going to heaven is a risk, all investments done in this country are risks. You take a risk before you even put money in your bank. Even when you’re drinking water you’re taking a risk,” Mr Fred Forson, convener of the Coalition of Aggrieved Menzgold Customers said.

According to him, government is partly to blame for failing to protect their investments before moving to shut down the gold dealership and investment firm.

“…The state owes us that duty of care that if its citizens have invested their hard-earned money into a company that is duly recognized by the state, then the state owes us that duty of care to ensure that our investments are protected…”

In an attempt to convince the government on their claims to their locked up funds he said…”The banks are a private affair but the state stepped in, we’re also citizens…In fact the Act that enabled the security and exchange commission to walk to Menzgold and shut it down, that same document enjoined them to have ensured that our investments were protected, Act 929 so if the state failed in all these then it must accept responsibility and ensure that our investments are paid…”

The reaction comes on the back of Accra Regional Command of the Ghana Police Service’s counterstatement which turned down a request by the group to stage a peaceful march to the presidency to petition President Akufo-Addo on their plight.

“…The command is concentrating on the fight against robbery and other violent crimes…As a result, [we] cannot accept any form of demonstration, picketing and walk during this period…the command wishes to remind you that, you have already demonstrated on the same subject matter in less than six months as such will not tolerate any further demonstration as other citizens must also have their interest served by the police,” DCOP Frederick Adu Anim, wrote.

Fred Forson was reacting to the development in an interaction with CitiFM’s Umaru Sanda.

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