I’m in pains, I can’t sleep; stroke victim laments Menzgold crisis

I’m in pains, I can’t sleep; stroke victim laments Menzgold crisis
Source: Ghana| Myjoyonline.com| Oswald Azumah| oswald.azumah@myjoyonline.com
Date: 24-08-2019 Time: 12:08:05:pm
Juliet Oti invested GH¢100k in Menzgold

Juliet Oti, a 50-year-old woman who lives in Amasaman, a suburb of the capital, Accra, has suffered from a stroke.

She has no money to pursue her medical bills.

Juliet tells JoyNews that as the breadwinner for her home, the family has hit rock bottom.

“I don’t have anyone to go to, I cry most of the time, and when I do the children cry too.”

The businesswoman has a daughter who has just completed senior high school but the future looks bleak.

There are no funds for her to pursue tertiary education and “I cannot work too because then, nobody would be around to look after my mother,” she said.

This was not the plan for Juliet Oti.

Her travails begun when she suddenly fell ill while preparing for a business trip.

As a means to ensure a constant inflow of cash, she took the advice of a friend and invested in gold dealership, Menzgold Ghana Limited.

That decision has come back to haunt her as the firm has now run into legal and financial crisis.

“I didn’t even receive a single dividend,” she lamented, adding that she invested GH¢100, 000 ($18,366).

Juliet is appealing to Menzgold CEO, Nana Appiah Mensah, to have mercy on her and pay her money.

Menzgold crisis

The woes of the embattled firm begun in September 2018 when the Securities and Exchange Commission ordered a shutdown of their trade in gold collectibles.

The license of Menzgold, the SEC said, was to buy and export gold.

However, Mr. Appiah and his Menzgold promised investors and traders in their gold collectible market a 10% return per month.

The company has since August 2018, failed to pay investors either their capital or dividend.

Nana Appiah Mensah
Embattled CEO of Menzgold Nana Appiah Mensah

NAM1 as he is popularly called, subsequently left the country and reportedly spent time in Dubai prisons in the UAE for a business deal gone bad there.

He, however, returned to Ghana in June 2019 amid reports that he won the case and was awarded $39million.

He has been placed before the court on charges of fraud.

The businessman at a press briefing on Monday, called the government to help him retrieve his cash from Dubai so he can pay his customers.

The Office of the Attorney-General in response, asked the embattled businessman to write formally to the government for that request.