Menzgold staff react to ‘it’s greed’ comment by Finance Minister

General News of Monday, 17 December 2018

Source: Myjoyonline.com

2018-12-17

Menzgold office complex at East Legon

Staff of Menzgold have said it was wrong for the Finance Minister to describe customers of the embattled investment firm as greedy.

In a release issued by staff of the company, they say customers cannot be blamed for the failure of regulatory institutions to do their work, stressing that they find the comment by the Minister, Ken Ofori-Atta, “very insensitive, sad and total disrespect to clients.”

The Finance Minister has said the government has no intention of bailing out customers of the beleaguered investment company.

“It is not in the place of government to refund or get your money for you” he said and indicated at the 3rd Capital Market conference in Accra that doing so would be bailing out greed.

The Finance stated: “I see some people at the Finance Ministry who have invested there. I look at the BoG and I see some people who have invested there…so it becomes an issue of greed.”

However, in a release titled, “Menzgold: Crisis and the staff perspective” the staff sought to explain why customers of the firm cannot be blamed for investing in the company’s product:

“Menzgold started and operated in the full glare of Bank of Ghana (BoG) and Securities and Exchange Commission (SEC), with all forms of advertisement within the Ghanaian space only for these institutions to come out after over five years that Menzgold should halt operations. Five years in business, with a good and revolutionary track record is enough for any individual to trust and thus make a rational decision of engaging in business. These years have also witnessed the tremendous growth and expansion of the Nana Appiah Mensah Empire which also convinced clients to transact with the company.

“These same years came with the general acceptance of Nana Appiah Mensah especially when he met the President of Ghana, the former President, and many other important personalities. He sponsored the creative arts industry and was even called upon by the Minister of Tourism, sponsored educational funds and other nationwide projects, paid all statutory obligations. All the above convinced individuals and staff to rationally transact business with Menzgold only to be tagged as “Greedy’ by the same institutions that failed to work to protect citizens. We find it very insensitive, sad and total disrespect to clients. To date no one within these institutions has been held responsible for the poor regulatory compliance and supervisory negligence,” the staff explained in the release issued on December 15, 2018.

Read the full release below.

MENZGOLD: CRISIS AND THE STAFF PERSPECTIVE

This release aims at adding knowledge to the complexities of the Menzgold Saga and the reality. This is because as staff, we do not owe loyalty to only the company but also clients, who are the majority stakeholders in the company. It is only fair and prudent that we let our clients know the reality of the crisis we find ourselves. We begin by apologizing to all clients for all the inconveniences experienced and we believe at the end of this initial release, you would understand the position of the Client Relationship Officers.

What we find rather interesting is the betrayal of citizens by the Ghanaian system (Governance and State Institutions ineffectiveness). Menzgold started and operated in the full glare of Bank of Ghana (BoG) and Securities and Exchange Commission (SEC), with all forms of advertisement within the Ghanaian space only for these institutions to come out after over five (5) years that Menzgold should halt operations. 5 years in business, with a good and revolutionary track record is enough for any individual to trust and thus make a rational decision of engaging in business.

These years have also witnessed the tremendous growth and expansion of the Nana Appiah Mensah Empire which also convinced clients to transact with the company. These same years came with the general acceptance of Nana Appiah Mensah especially when he met the President of Ghana, the former President, and many other important personalities. He sponsored the creative arts industry and was even called upon by the Minister of Tourism, sponsored educational funds and other nationwide projects, paid all statutory obligations. All the above, convinced individuals and staff to rationally transact business with Menzgold only to be tagged as “Greedy’ by the same institutions that failed to work to protect citizens.

We find it very insensitive, sad and total disrespect to clients. To date no one within these institutions has been held responsible for the poor regulatory compliance and supervisory negligence. As staff, we saw the company dealing in gold, buying and selling as well as exporting same. Our trust for the company was strengthened the more when we saw prominent individuals, Members of Parliament, Ministers, staff of BOG and SEC and other financial experts transacting business and affirming their belief for the company.

The Prestigious Awards conferred on the company and the CEO in the presence of these regulators and organizers affirmed the loyalty to the company which we reiterate gave clients the confidence to transact business. We, therefore, find it unfortunate that rational individuals are tagged and insulted as GREEDY. 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 we (staff and clients) are all safe.

In recent times we have uncovered some unfortunate fact which we believe must be made known to clients.

1. Client Relations Officers (CROs) have had no information from Management thus making it difficult for clients to be well in for realized they were lies. Staff in recent times requested for information but not a single one of the following have been answered and tackled:

a. Does the company have what it takes to pay off clients and staff entitlements and when that will be achieved?

b. Where the Operations and Supervision Team members are and what significant role are they playing in restoring calmness and the settlement of entitlement?

c. In the Staff Notice, what does the “ENTITLEMENTS” as used entail?

d. What happens after the 20’h day of December 2013?

e. Clarify the rumours regarding frozen accounts, political mafia, and plans to travel outside the country?

This clearly shows that there exists a high level of Information Asymmetry. Our loyalty to both company and clients led to 4 months work with no pay so as to bring an end to this crisis whiles they (Management) live lavishly without remorse.

2. We confirm that Management members are secretly paying off clients without a proper schedule and assurance to other clients. This makes their act suspicious and unfair whenever money is made available. Research conducted revealed that powers in Governance are aiding persons to retrieve funds but these same powers are reluctant in seeking the best solution for all.

3. We also wish to inform clients that Management has started selling off assets for personal gains and also settle their dose friends.

4. We confirm the travel plans of Management members outside the country. Some tried and have been deported.

5. It is unfortunate to say that aside from certain external forces which caused this crisis; certain internal misappropriation is a key factor. Management members have fraudulently acquired properties such as luxury houses, schools, flashy and luxury cars and many more, to dwindle the finances of the company. We, therefore, wish that EOCO investigates them.

6. It is also sad to note that, whilst staff believed in the products of the company, Management members did not. An investigation into the trading pattern of management showed they had very little transactions even as compared to most staff who also invested heavily into the company. Some comments of some management members such as ’11 have acquired enough to live a good life should the company fold up” and many more, in recent times depict their intention.

We, therefore, want to tell clients that, all information rest in the bosom of management and their inability to disclose it to staff makes us oblivious of their motives. We want to state our loyalty to ensuring that truth stands.

We, therefore, disclose to the public the members of the Management of Menzgold.

1. Nana Yaw Offei – Corporate Manager

2, Mr. Elisha Owusu – Head of Bullion Shipment

3. Mrs, Abigail Mensah – Operations and Supervision Team Head

4. Mr. Isaac Wilson – Operations and Supervision Team Member

5. Mr. Justice Akoto – Operations and Supervision Team Member

6, Mr. Isaac Otseng – Operations and Supervision Team Member

7. Miss 5efiatu Abdulla – Operations and Supervision Team member

8. Mr. Enoch Kwesi Agyemang – Operations and Supervision Team Member

9. Mr. 5hadrack Fordjour -Marketing Manager

10. Mr. Patrick Pamfol – Operations and Supervision Team Member

11. Miss Belinda Nsiako -Operations and Supervision Team Member

12. Nana Kwame Adjei Nti – Marketing Manager

13- Clive Ofosuhene – IT Manager

We entreat all clients to know that, CROs do not have answers to most of their questions and we are ready to ensure Truth stands and people settled.

Thank You.

signed

Secretary Convener Chairman

Jonathan Machator Gabriel Kelvin Karl-Marx

0202298104 0204995556 0207914050

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