The 1st Vice President of the Musicians Union of Ghana (MUSIGA) Bessa Simons has disclosed that the union is part of the many customers whose investments are locked at gold dealership company Menzgold.
He said in an interview on Bozzlz TV that the Musicians Union of Ghana invested GHc 70, 000 at Menzgold until it was ordered by authorities to be shut down.
Bessa said as a group that believes in making financial gains from their money, they thought it was prudent to have made that investment to help the union.
“MUSIGA’s decision to invest in Menzgold was taken by the National Executive Committee and then this disaster happened. This has happened to so many organisations. They did it with good intention to earn more money for MUSIGA so if there is a problem I think we all have to wait and pray and make sure that this corrected. A lot of organisations and individuals have lost money through this,” he said.
In September 2019, the Securities and Exchange Commission ordered gold trading firm, Menzgold Ghana Limited, to suspend their operations with the public with immediate effect.
In a letter dated September 7, SEC said it has thoroughly investigated the activities of Menzgold and has found that the Nana Appiah Mensah-owned firm does not have the license to trade in gold collectables from the public.
The statement explained that interactions with representatives of Menzgold confirmed to SEC the view that the aspect of Menzgold’s business which involves purchase and deposit of gold collectables and guaranteed returns is a capital market activity under Act 929 without a valid license issued by SEC which contravenes the law.
Since the incident, a lot of people including celebrities have come out to say their investments are locked up at the company.
Some of them are musician Mzbel, Shatta Wale, Kumi Guitar, among others.
In the meantime, Nana Appiah Mensah, the CEO of Menzgold is on remand to answer to charges of defrauding the customers under false pretence.
Meanwhile, some aggrieved customers of Menzgold are requesting that NAM1 is released so they can retrieve their investment.
