An association of former staff of Menzgold says management of the company are withholding information from clients whose investments have been stalled, following a shutdown of Menzgold’s operations.
“We want to tell clients that all information rests with management, and their inability to disclose it to staff makes us oblivious to their motives.”
A release signed by Jonathan Machator, Secretary of the Association, Gabriel Kelvin, Convener and Karl Max, Chairman, said client relation officers had no information from management, which made it difficult for clients to be informed about their transactions and the way forward.
“What we find interesting is the betrayal of citizens by the Ghanaian system.”
“Menzgold started and operated in the full glare of the Bank of Ghana (BoG) and the Securities and Exchanges Commission (SEC) with all forms of advertisements, only for these institutions to come out after five years that Menzgold should halt operations,” the release said.
The release continued, “we therefore state that if BOG and SEC had sought for legal interpretation earlier to put them right or wrong, this situation would have been prevented and a better solution would have been sought to ensure the convenience of clients and staff.”
It said the loyalty of the company’s staff to both clients and the company, led to their staying on four months after the company’s shut-down of operations, in an attempt to help rectify the situation.
The release expressed the sincere apologies of the staff to the clients, and gave out the contact cell-phone numbers of the executive members of the former staff association members as Jonathan Machator, Secretary-0202298104, Gabriel Kelvin, Convener-0204995556, and Karl Marx, Chairman-0207914050.
The Securities and Exchange Commission (SEC), on September 12, 2018, directed Menzgold Ghana Limited to shut down its investment operations for contravening the Securities Industry Act, 2016 (Act 929).