Audio By Carbonatix
A former Deputy Attorney General has criticised the Economic and Organised Crime Office (EOCO) for its delay in freezing the accounts of the Chief Executive Officer of the defunct Menzgold company.
Joseph Kpemka said EOCO did not act quickly enough.
According to him, the institution should have pursued justice for the customers of the firm.
Mr Kpemka, who was head of a government delegation probing the matter at the time, noted that the impact would have been less had EOCO taken the necessary action in time.
“EOCO should have reacted quickly by freezing such accounts immediately it came to its attention. At the time, we had not mounted any civil action against NAM 1 so EOCO had the power to freeze his accounts.”
On Monday, September 12, aggrieved customers of Menzgold thronged the principal streets of Accra to remind the government of their locked-up monies.
In 2018, Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).
According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license.
This, the SEC said was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
Menzgold has, however, failed to fully pay its customers the value of their gold deposits as well as their entire investments.
Some aggrieved customers have, since, staged protests to demand the payment of their locked-up cash.
Latest Stories
-
Mahama to review IMANI petition on insurance sector concerns – Kwakye Ofosu
17 minutes -
Road Safety Authority embarks on nationwide sensitisation ahead of Easter festivities
18 minutes -
Government reaffirms commitment to combat Human Trafficking at first 2026 HTMB meeting
39 minutes -
A/R: One injured, house torched at Penten as land dispute turns violent
39 minutes -
Delta Air Lines, AmCham Ghana honour women leaders at ‘Give to Gain’ High Tea event
58 minutes -
TaxForGalamsey: Awula Serwah slams ‘ignorance’ defence in levy scandal, demands sanctions for MMDCEs
1 hour -
Collecting levies from galamseyers is wrong; sanctions must be enforced – Kenneth Ashigbey
1 hour -
BeTechConnected launches Future of Work Africa Podcast to amplify African voices on jobs, innovation
1 hour -
Rejecting pesewa coins is illegal, fuels inflation – BoG warns traders
2 hours -
New Juabeng MP seeks details on GRA’s customs AI system
2 hours -
TaxForGalamsey: Levies were institutional, not personal – Kwakye Ofosu explains lack of sanctions
2 hours -
Feeding Hungry Pupils: 38-year-old female teacher initiates food bank to promote teaching and learning at Abankoro
2 hours -
Education Minister announces 2027 start date for Jomoro College project in Western Region
2 hours -
‘Sit us down and explain ‘it’—Customs agents raise alarm over new GRA AI system
2 hours -
Gov’t commits GH¢25m seed fund to Ghana Defence University project
2 hours
