Speaker explains parliament’s slow progress on Menzgold probe to customers

The Speaker of Parliament, Alban SK Bagbin, has explained to members of the aggrieved Menzgold customers on Tuesday that parliament is slow in investigating their issues, attributing it to the pending court case.

During the meeting, which was led by the group’s convener, Fred Forson, the customers brought to the Speaker’s attention the difficulties they have faced over the years in attempting to retrieve their investments, with a heartbreaking revelation that 210 of them have lost their lives in the process.

In response, Speaker Bagbin acknowledged that while Parliament is not entirely barred from investigating the matter, the main challenge lies in the end results of such an investigation, as Parliament does not possess the authority of an implementation agency. This limitation makes it difficult for the legislative body to directly enforce any resolutions that may come from an investigation.

The lead advocate of the group in Parliament, MP for South Dayi, Nelson Dafeamekpor, also voiced his concerns and requested the Speaker to establish an Adhoc committee to delve into the matter further.

Despite the slow progress, the Speaker reassured the aggrieved customers that Parliament remains open to engaging with relevant stakeholders and exploring avenues within its authority to address their grievances effectively.

The Menzgold saga has been a longstanding issue, and the plight of the affected customers remains a matter of concern for many.

Meanwhile, in a recent statement issued by the management of Menzgold, the defunct gold trading company announced the successful completion of the transaction validation process.

The company assured its customers that payments will soon be made to them, bringing hope to those who have been anxiously awaiting resolution.

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The statement, dated July 29, stated, “Following the gold trading transactions claims supporting documents collection and vetting exercise initiated; we are happy to announce that validation has successfully been completed.”

This development signals progress in addressing the concerns of customers who have been affected by the company’s previous financial challenges.

Menzgold further stated that traders will soon have the opportunity to check their validated status digitally, providing them with the necessary information and clarity on their individual payment schedules.

The company pledged to grant traders access to their validated transaction status and an exact, individually scheduled binding payment date in the coming days.

Menzgold encountered regulatory challenges that led to its closure. This left numerous customers with their investments tied up in the company, creating distress and uncertainty about the fate of their funds.

Source: Classfmonline.com