EOCO Allays Fears of Menzgold Customers

The Economic and Organised Crime Office,  (EOCO), has assured customers of troubled gold dealership firm, Menzgold Ghana Limited that the properties seized are under good condition.

EOCO’s Deputy Director, Daniel Antwi revealed that his outfit has taken steps to ensure the preservation of the properties in question.

The assurance comes after the customers on yesterday picketed in front of EOCO’s premises to demand the liquidation of the seized assets of the company.

Demo

Addressing the customers after meeting its leadership, Mr. Antwi called for calm among the agitated customers as it works to resolve their plight.

“We have gone through the petition with them [customers]. There are some of the issues we were able to address with them but there were others we made them aware that, it was not within our purview to deal with them. But there was one fine assurance. The assurance is that we will continue to use all the information given us to preserve the properties of the company that has gone into the challenge.”

EOCO this year, secured a court order to freeze properties of Menzgold Ghana Limited as well as seven other associated companies including Menzgold’s Office Complex,  Zylofon Art Complex, Brew Marketing Consult, Star Madrid Football Club, Zylofon Music and media company,  Brew Energy Company Limited, G- Tech automobile service.

Spokesperson of the group, Godfred Ankomah said, “So far, the way EOCO has handled the whole issue is a bit sluggish and lackadaisical in approach.  It took customers to picket before we started getting information, it shouldn’t be so. It is almost a year since this thing happened and till now, there is no way forward.  The seizure of the assets happened long ago, yet no one is giving us any information.  They should disclose all information because people are dying”.

Assets

The court order for the freezing of properties and assets of Menzgold Ghana Limited includes that of associated companies affiliated to the embattled Menzgold CEO, Nana Appiah Mensah.

EOCO also listed two properties located at Trassaco Valley [Plot no. 315 and plot no. 337], as well as a plot of land near Oak Street at Trassaco Valley, and an uncompleted residence and a 510 acre of land.

Can’t Pay

Meanwhile, the Securities and Exchange Commission (SEC) says it cannot guarantee the refund of such locked up cash at Menzgold.

At a press conference on Tuesday, Director-General of SEC, Rev. Ogbamey Tetteh said not much can be done for Menzgold customers.

“The truth is that we don’t know the exact quantum of money they mobilized. I think they [customers] can hope for the best but no one can give them any guarantee. Certainly, SEC is not in any position to be refunding lost investments… I am not sure they can look forward to anything.”

“What can happen is that, whatever asset they have that can be traced, whatever of it is that can be realized can be used to sort out the people who took their money there on a pro-rata basis…[If there is nothing, nothing will be used] to sort people out,” the SEC boss added.

Hundreds of Ghanaians are unable to retrieve their investments in Menzgold, and some have gone to court to seek redress against the embattled Chief Executive Officer (CEO) of the company who is currently facing a misdemeanour charge in Dubai.

But, the Criminal Investigations Department (CID) of the Ghana Police Service is yet to formally charge and put  Nana Appiah Mensah also known as NAM1 before a court in Ghana