Dancehall artiste, Shatta Wale, has admitted that he has a sizable investment in embattled gold trading company, Menzgold.
Shatta Wale, who is signed onto Zylofon Media, the entertainment company owned by Menzgold Chief Executive Officer (CEO), Nana Appiah Mensah, replied “very much” when asked if he had invested in the company, although he did not state the amount.
“I’m very much [into investment]. I’m number one, the whole Ghana,” he added.
He called on the government to dialogue with the owners of the company in order to find a cordial resolution to the current impasse, which has seen the company shut down its operations temporarily.
“It’s a problem where Government and Menzgold need to sit down and come to an agreement.”
In the same interview, Shatta Wale stated that the harsh economic conditions Ghanaians are living in now could drive them into crime, appealing to the government to address Ghanaians’ concerns.
However, his recent comments have been described by some persons on social media as “self-seeking” and “hypocritical” given his own interests in Menzgold.
A letter from the Securities and Exchange Commission (SEC) earlier in September ordered Menzgold suspend its gold trading operations with the public.
According to the SEC, Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns for clients without a valid license from them.
The SEC’s directives and the responses from the company have received mixed public reactions with some applauding the regulator for its actions, while others have described it as a witch-hunt.
The regulator added that Menzgold’s actions are in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
The company has however been cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”
After initially indicating that it was still open for business, the company eventually suspended any new business related to its Gold vault market temporarily.
The initial September 19 date the company had set for reopening was pushed back to September 28, as talks between Menzgold and the regulator continue.
Shatta Wale isn’t the only celebrity signed under Zylofon Ghana to express concerns about the developments with Menzgold, as Asiamah Hanson, known in showbiz circles as Bulldog, recently launched a scathing attack on the government for what he believes is their unfair treatment of the company.
Bulldog, who works also under Zylofon Media criticized the government and President Nana Akufo-Addo accusing them of deliberately sabotaging young Ghanaian entrepreneurs.
By: Edwin Kwakofi/citinewsroom/Ghana