The 1st Vice President of the Musicians Union of Ghana (MUSIGA), Bessa Simons has disclosed that the union is part of the many customers whose investments are locked at gold dealership company Menzgold.
He said in an interview on Bozzlz TV that MUSIGA invested GHc70, 000 at Menzgold under outgoing President of the union, Bice Osei Kufour aka Obour’s presidency before the company was ordered by authorities to shut down.
Bessa said as a group that believes in making financial gains from their money, they thought it was prudent to have made that investment to help the union.
“MUSIGA’s decision to invest in Menzgold was taken by the National Executive Committee and then this disaster happened. This has happened to so many organisations. They did it with good intention to earn more money for MUSIGA. So if there is a problem I think we all have to wait and pray and make sure that it is corrected. A lot of organisations and individuals have lost money through this,” he said.
In September 2019, the Securities and Exchange Commission ordered gold trading firm, Menzgold Ghana Limited, to suspend operations with immediate effect.
In a letter dated September 7, SEC said it has thoroughly investigated the activities of Menzgold and has found out that the Nana Appiah Mensah-owned firm does not have the license to trade in gold collectables from the public.
Since the incident, a lot of people including celebrities have come out to say their investments are locked up at the company.
Some of them are musician Mzbel, Shatta Wale, Kumi Guitar, among others. In the meantime, Nana Appiah Mensah, the CEO of Menzgold is on remand to answer to charges of defrauding customers under false pretence.
Nana Appiah Mensah has been accused of defrauding his customers of about GHc1.68 billion. According to the charge sheet, the money was from 16,001 people who invested a total of GHc1,680,920,000 in the company.
Meanwhile, some aggrieved customers of Menzgold are requesting the release of NAM1 so they can retrieve their investment.