CEO of Menzgold, Nana Appiah Mensah reported to have relocated to South Africa
Embattled gold dealership firm, Menzgold Ghana Limited, has petitioned Parliament over its inability to pay clients.
Menzgold wants the lawmakers to serve as arbiters in their battle with the Securities and Exchange Commission (SEC), whch has asked the company to shut down its gold vault market – which was not licensed.
In the petition sent to the Finance Committee of Parliament, Menzgold is asking for “a comprehensive payment plan to pay off completely all customers who wish to discontinue their trading of gold collectibles.”
Secondly, the company is asking for “halting of the online migration until the matter is fully resolved pending directive from the regulators.”
Menzgold also wants to withhold gold collectibles trading operations for three months to organise and restructure corporate operations.
“To revise the business module and review the percentage offering on our gold collectibles trade,” the petition said.
Finally, Menzgold is asking to commence full operations as may be directed by SEC after all has been settled.
Property to be auctioned
Meanwhile, trouble looms for the company elsewhere. A circuit court in Kumasi has ordered the auctioning of property to pay off the monies owed an aggrieved customer.
The Attorney-General has also been petitioned by some customers who have expressed fears that the Chief Executive of Menzgold, Nana Appiah Mensah, has absconded to South Africa.
They also fear that the company is liquidating its assets.
They have asked the President to ensure his apprehension and possible prosecution.