The Securities and Exchange Commission (SEC) has said there is no guarantee that the locked up funds of customers of defunct gold dealership company, Menzgold could be retrieved anytime soon.

Addressing a Press conference today in Accra, the Director-General of the SEC, Rev. Daniel Ogbarmey Tetteh said not much can be done to assist the customers in their woes.

“The truth is that we don’t know the exact quantum of money that they mobilized. I think they can hope for the best but no one can give them any guarantee. Certainly SEC is not in any position to be refunding investment that are lost. So in terms of any expectation for they being made good from the SEC or i guess any other government functionary for that matter I’m not sure they can look forward to anything,” Rev. Ogbame Tetteh told a Press Conference.

This comes after the customers on Tuesday picketed in front of EOCO’s premises to demand the liquidation of the seized assets of the company.

However, addressing the customers after meeting its leadership, EOCO’s Deputy Director, Daniel Antwi called for calm among the agitated customers as it works to resolve their plight.

“We have gone through the petition with them [customers]. There are some of the issues we were able to address with them but there were others we made them aware that, it was not within our purview to deal with them. But there was one fine assurance. The assurance is that we will continue to use all the information given us to preserve the properties of the company that has gone into the challenge.”



The customers for months have been demanding payment of their principal investments after the gold dealership company was shut down by the Securities and Exchange Commission (SEC).

Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.