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
-
Rejecting pesewa coins is illegal, fuels inflation – BoG warns traders
14 minutes -
New Juabeng MP seeks details on GRA’s customs AI system
16 minutes -
TaxForGalamsey: Levies were institutional, not personal – Kwakye Ofosu explains lack of sanctions
20 minutes -
Feeding Hungry Pupils: 38-year-old female teacher initiates food bank to promote teaching and learning at Abankoro
31 minutes -
Education Minister announces 2027 start date for Jomoro College project in Western Region
34 minutes -
‘Sit us down and explain ‘it’—Customs agents raise alarm over new GRA AI system
43 minutes -
Gov’t commits GH¢25m seed fund to Ghana Defence University project
48 minutes -
Fighters condemns PAC Chair Abena Osei-Asare over Agbana comments; renew call for inclusive politics
51 minutes -
72 Days to Mundial: Ghana’s risky gamble after sacking Otto Addo
54 minutes -
Health Ministry boosts cardiovascular care with new guidelines, GH¢6m equipment support
60 minutes -
OmniBSIC Bank delivers 104% profit growth, assets and deposits double in 2025
1 hour -
Ghana month donation drive ends on high note as NPA donates GH₵1m to GMTF
1 hour -
Prudential Africa CEO working visit to Ghana sets pace for business excellence and agency expansion
1 hour -
Salman residents call for halt to illegal mining activities
1 hour -
Goaso Municipal Hospital decries NHIS arrears, staff and equipment shortages
2 hours
