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 vows to create an agro-processing zone in Afram Plains
5 mins -
Political parties should plan for losses, not just wins – IGP advises
6 mins -
524 Diasporan Africans granted Ghanaian citizenship in ceremony
8 mins -
Mahama urges Afram Plains North residents to avoid ‘skirt and blouse’ voting
10 mins -
Asantehene receives more 19th century gold ornament and regalia
17 mins -
Hohoe Ghana Blind Union organises training for members ahead of Election 2024
23 mins -
Alan Kyerematen reveals his future plans for Ghanaian Health professionals
24 mins -
AAIN empowers women and small enterprises in Upper East Region through SHINE project
25 mins -
Akufo-Addo leads nationwide commissioning of 80 educational projects
32 mins -
Ghana and Seychelles strengthen bilateral ties with focus on key sectors
1 hour -
National Elections Security Taskforce meets political party heads ahead of December elections
1 hour -
Samsung’s AI-powered innovations honored by Consumer Technology Association
1 hour -
Fugitive Zambian MP arrested in Zimbabwe – minister
2 hours -
Town council in Canada at standstill over refusal to take King’s oath
2 hours -
Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws
2 hours