Menzgold customers request for inclusion in government’s bailout package


The Coalition of Aggrieved Customers of Menzgold has appealed to government to include its customers in the bailout package for depositors whose monies have been locked up in a number of collapsed financial institutions in the country.

The group says it is only appropriate they are added to the beneficiaries of the bailout package since Menzgold falls under the jurisdiction of the Securities and Exchange Commission (SEC).

“We write on behalf of members of the Coalition of Aggrieved Customers to request that customers of Menzgold Company Limited be made part of the beneficiaries of the bailout fund for depositors of collapsed institutions by Securities and Exchange Commission,” the Menzgold customers indicated in a statement.

The customers argued that government’s failure to help refund their locked-up cash has affected them awfully resulting in about the death of 60 persons leaving some others with varying health issues while many others have become bedridden.

Following an order from SEC to suspend aspects of its operations in 2018, Menzgold has since struggled to pay its customers their monies.

The SEC later announced the revocation of the licences of some 53 Fund Management Companies. The estimated cost of the state’s fiscal intervention, excluding interest payments to depositors, from 2017 to 2019 was pegged at GHS16.4 billion. In recent happenings, the Commission disclosed that government is set to announce a bailout package for customers of these 53 defunct Fund Management Companies (FMCs).

According to Commission, the package will be disbursed in phases with the first phase catering for twenty-two companies which are currently under official liquidation.

SEC has also assured no customer will be left out in government’s bailout package for persons whose funds have been locked-up in the 53 defunct fund management companies since November 2019.

The Registrar-General’s Department is set to meet creditors of the defunct fund management companies beginning today, September 7, 2020

Source: African Post

Leave A Reply

Your email address will not be published.