Menzgold ghana news
Menzgold is a Ghanaian gold trading company that has been in the news for several years due to controversies surrounding its operations. Here are some recent news updates about Menzgold:
Latest News:
- Menzgold's CEO, Nana Appiah Mensah, arrested in Dubai: In December 2020, Nana Appiah Mensah, the CEO of Menzgold, was arrested in Dubai, United Arab Emirates, on charges of fraud and money laundering. He was later extradited to Ghana and is currently facing trial.
- Menzgold's assets seized by Ghanaian authorities: In November 2020, the Ghanaian government seized assets belonging to Menzgold, including properties, vehicles, and equipment, as part of an investigation into the company's activities.
- Menzgold's customers protest in Accra: In October 2020, customers of Menzgold protested in Accra, demanding that the government pay them their locked-up funds. The protesters claimed that they had invested their savings with Menzgold and were unable to access their money.
- Menzgold's license revoked by Ghanaian authorities: In September 2020, the Securities and Exchange Commission (SEC) of Ghana revoked Menzgold's license to operate as a gold dealership. The SEC had earlier suspended Menzgold's license in 2018 due to concerns about its operations.
Background:
Menzgold was founded in 2013 by Nana Appiah Mensah, a Ghanaian businessman. The company promised high returns to investors who bought gold from them, but many customers have complained that they were unable to access their funds after investing with Menzgold.
In 2018, the Ghanaian government suspended Menzgold's license to operate as a gold dealership, citing concerns about the company's operations. The company was accused of operating a Ponzi scheme, where it used money from new investors to pay returns to earlier investors, rather than using the funds to buy gold.
The controversy surrounding Menzgold has led to several investigations and lawsuits, including a criminal case against Nana Appiah Mensah and other executives of the company. The company's assets have been seized by the government, and many customers are still waiting to recover their locked-up funds.
Recent Developments:
In recent months, there have been several developments in the Menzgold saga. In December 2020, Nana Appiah Mensah was arrested in Dubai and extradited to Ghana to face trial. In November 2020, the Ghanaian government seized assets belonging to Menzgold, including properties, vehicles, and equipment. In October 2020, customers of Menzgold protested in Accra, demanding that the government pay them their locked-up funds.
The Menzgold saga has had significant implications for the Ghanaian economy and has raised concerns about the regulation of the gold trading industry in the country. The case has also highlighted the importance of due diligence and risk management in investing, particularly in the gold trading sector.