Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has denied investing in troubled gold-trading firm Menzgold Ghana Limited.

In a statement, Dr Nduom, whose bank, GN Bank, failed to meet the Bank of Ghana’s new Minimum Capital Requirement of GHS400 million, and was, thus, downgraded to a Savings and Loans Company, said: “The attention of Groupe Nduom has been drawn to some social media commentary, attempting to suggest Groupe Nduom has invested part of its funds in Menzgold Ghana Limited.

“We wish to state unequivocally that neither Groupe Nduom nor its subsidiaries has made any investment with Menzgold Ghana Ltd,” the statement signed by Groupe Nduom’s Corporate Affairs Manager, Mr Frank Owusu-Ofori said.

The troubled Menzgold, since August last year, has not been able to pay its 1.8 million clients’ extra values or principal investments totalling $200 million dollars following a directive to the company by the Securities and Exchange Commission (SEC) to stop its gold vault market operations over regulatory infractions.

Since that period, NAM1 has not been seen in Ghana. He only tweets or speaks to his radio station, Zylofon FM on the telephone.

Already, Finance Minister Ken Ofori-Atta has described the customers of Menzgold as “greedy” people, adding that the government will not spend a pesewa of taxpayers’ money to compensate the aggrieved clients.

Also, a deputy governor of the Bank of Ghana, Elsie Awadzie has said the Bank of Ghana will not in any way intervene in the payment brouhaha.

Following a demonstration by aggrieved clients of the company in Kumasi on Tuesday, 8 January 2018, Mr Asare Otchere-Darko, founder of think tank Danquah Institute, tweeted: “I understand the owner of Menzgold, Nana Appiah Mensah, has breached his bail condition and absconded.

“We can’t allow those who allegedly dupe people with such impunity to get away with it that easily. Let’s smoke them out, wherever they are, and throw the book at them!

“While I will not want a pesewa of my tax money to be involved with this Ponzi matter, I believe the majority of Ghanaians will agree with me that the law must come down heavily on those who use such schemes to destroy the lives of many people”.