Menzgold’s staff want management investigated by EOCO

Nana Appiah Mensah, Menzgold CEO

The staff of faltering gold firm Menzgold Ghana Limited have kept a united front in the face of scrutiny from regulatory agencies but having been asked to proceed on leave with benefits from December 10 to December 20 in a December 4 dated letter, the staff have made a few startling revelations.

The letter signed by CEO, Nana Appiah Mensah explained the leave directive had become necessary due to incessant security threats on staff and properties of the firm.

However, in a December 1 release, staff of the company submitted that aside the external forces – Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) intrusion – which has halted the firm’s operations, certain internal indiscretions need to be exposed so clients have the full view rather than attack the client relationship officers. The woes of the company began in August 2018 after the Securities and Exchange Commission (SEC) asked it to suspend its gold trading operation which remains legally shut.

Among others, the staff say while they were not paid for four months, management members continued to live lavish lifestyles buying expensive homes, luxury cars and patronizing expensive schools for their wards, and consequently they are calling on the Economic and Organised Crime Office (EOCO) to investigate such people.

“Our loyalty to both the company and its clients led to four months with no pay so as to bring an end to this crisis while they (management) live lavishly without remorse,” the staff lamented.

The staff again allege that some management members were secretly selling off assets of the company and keeping the proceeds for themselves, with the intention of relocating outside the country to enjoy their booty.

“We also wish to inform clients that management has started selling off assets for personal gain and to also settle their close friends. We confirm the travel plans of management members outside the country. Some tried and have been deported.”

Crucially on the way forward, the staff say regarding refund payments, a haphazard means is being deployed to pay prominent and influential people secretly. “We confirm that management members are secretly paying off clients without a proper schedule and assurances of payment to other clients. This makes their act suspicious and unfair whenever money is made available. Research conducted reveals that the powers in governance are aiding some persons to retrieve funds but these same powers are reluctant in seeking the best solution for all.”

To lend credence to their claims, three of the staff appended their signatures to the release while revealing the identity of 13 management members, they claim sought to leave the country but were restricted.

Menzgold’s guaranteed rates of return on investments made under its gold vault scheme were as high as 10 percent per month and 120 percent per annum.

By Michael Eli Dokosi