NPP Won’t Tolerate Another DKM ‘Nonsense’ -Kennedy Agyapong

Outspoken legislator Kennedy Agyapong supports government’s resolve to clean up the financial sector despite the probability of the move affecting some indigenous institutions.

The Assin Central MP believes it is only right that government takes proactive steps to safeguard the deposits of customers from Ponzi schemes.

According to him, the current rot in the financial sector is very similar to the Bernie Maddof scandal which led to the loss of cost $64 billion.

He, therefore, urged the public to stop meddling in the affairs of the government institutions that are currently on the case of gold dealership firm, Menzgold.

Mr. Agyapong said the New Patriotic Party (NPP) administration will not allow another DKM experience to happen as was the case when the opposition National Democratic Congress (NDC) was in power.

“You can’t fight the Securities and Exchange Commission because we need to regulate this. If not, we’ll get to the point where it is like DKM, which we in the NPP campaigned on and we have learnt our lessons.

“If we just sit for some financial institutions to mess up, they [the people] will blame us,” the maverick MP said on Adom TV’s Badwam.

Mr. Agyapong added that although customers of the gold dealership firm are currently panicking, actions needed to be taken for them to learn their lessons.

“Whether panic today or tomorrow or yesterday, they have to feel it so that next time, when someone offers an investment, you are more careful; because of greed you chase after 12 percent monthly interests,” he remarked.

Last week, Menzgold was directed by the Securities and Exchange Commission (SEC) to shut down its gold trading activities.

The directive from SEC came just a few weeks after several disagreements between Menzgold and the Bank of Ghana (BoG) over the former’s operations.

The latest standoff with SEC triggered mass panic withdrawals from the firm, with customers besieging Menzgold’s East Legon office last Wednesday to demand their deposits.

The gold dealership firm subsequently bowed to the demands of SEC by suspending its gold trading activities, but assured that its operations will be open to the public today [September 19, 2018].

However, a fresh statement from Menzgold indicates that the suspension of its Gold Vault Market services has been extended following an inconclusive meeting with SEC.

Meanwhile, Menzgold has hired the services of top British legal firm, Baker and Mckenzie, as the company readies itself for a legal battle.