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Timothy Binob, the chair for the coalition of Aggrieved Customers, Menzgold has stated that the group which involves shareholders and investors of the gold dealership firm will firmly give their support to any institution, agency or individual that intervenes in helping to refund their monies.

Mr. Timothy Binob explained that the Securities and Exchange Commission (SEC) which directed the gold trading firm to halt its investment operations were solely responsible for the great mess.

According to his statement, the gold dealership firm was smoothly running its gold market activities while supplying its customers with guaranteed returns until the shutdown of the company. ‘…Our monies wouldn’t have been locked up if SEC had not intervened. Because the company didn’t die a natural death. So if not for SEK’s intervention, by now…cause we were in good terms with the company. The company gave us our monies and we received our monies daily of which we contributed to the development of this nation by paying taxes and all that….’

The former Chairman, CACM then referred to the ACT 929 of the Security Industry that ordered the firm to shut down by their contravention, and stated that the ACT guarantees provisions or reimbursement to customers of collapsed companies.

He also mentioned that the Securities and Exchange Commission (SEC) have ignored that as a governmental institution and have not come to the aid of aggrieved Menzgold investors.

‘…So SEK which is a governmental institution has ignored this and we, the customers who genuinely did our investments are now suffering. When we thought that when we send our plight before the president, Nana Akuffo Addo who promised us sometime back that when he comes into power, he will get us all out from that. But what we are seeing is not what we expected to see…’  Mr. Binob said.

He goes on to lament that the company’s investors are helpless now as to whom to go to for financial intervention. He said ‘For now, we the Menzgold customers it seems our hope is lost..’

The immediate past chair for the group therefore appealed that ‘so anyone who is willing to help, we have also made up our minds to support them with our strengths because when we go to NAM 1 now, the governmental institution that shut it will come together with the police to oppress him, they will even send him to court…’

He then stated that these governmental institutions will make nothing out of their plight should they petitioned the next time to help in the reimbursement and alleged that the actions of the institutions is just to make the firm’s customers suffer.

Written By: Josephine Yeboah Sarpong /

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