The Member of Parliament for Nandom constituency in the Upper West Region has described issues surrounding Menzgold as a “scam.”
Dr Benjamin Bewa-Nyog Kunbuor says the fact that Menzgold has operated for five years means it is not alone, it is a scam which has a syndicate behind it.
“Every scam that starts and is able to persist for so long, is not just an individual activity, it always belongs to a network. Sometimes, very influential and powerful networks that are able to even warn off the regulators. That’s the nature of these scams,” he said on UTV Friday.
According to him, Menzgold and for that matter the CEO, Nana Appiah Mensah [NAM1] is just being used as the ‘face’ of the influencers.
He said, whenever it becomes difficult to identify an entity that is regulating a particular company, “that should really set you thinking.”
“When you start seeing a company, developing tentacles into all sorts of areas without you being clear whether they’re in media, they’re in gold, they’re in music: When you start seeing that hydra headed institution, there’s something wrong with it.
“It intends to conceive something, that’s why it’s not seeing in one line of activity that it would’ve registered with the Registrar General, but it branches off,” Dr Kunbuor stated.
According to him, he took interest in the activities of Menzgold couple of months ago due to his personal observation.
He wondered why the regulators could not do their best to identify issues in the operations of Menzgold initially.