Customers of embattled gold trading company MenzGold are demanding 50% payment of their principal investments within four weeks of face their wrath.
Addressing the media in a press conference on Wednesday, General Secretary for the aggrieved Customers of Menzgold, Kenneth Nimoh who spoke on behalf of the group mentioned that they do not subscribe to the prolonged period of 90 days stated in Menzgold communication.
According to him, MenzGold has refused to adhere to timelines in the past periods. He added that the association has become more alarmed these few days because it has been informed that MenzGold has in these past few weeks rebranded its official vehicles, laid off staff, and it is likely to vacate their offices in the coming weeks.
“We recognize the difficulty Menzgold faces should it attempt to pay all customers at a go. Members of aggrieved traders of Menzgold are therefore giving them four weeks per their stipulated time to pay 50% of the total value of gold traded to customers and pay the rest of the remaining amount when the 90 days are due.”
Menzgold Ghana Limited in September assured its customers of paying back their investments in monetary values. The gold trading company however added that dividends on investments made after September 12, 2018, will not be paid, citing the shutting of its Gold Vault Market by the Security and Exchange Commission as the main reason.
The Securities and Exchange Commission ordered gold trading firm, Menzgold Ghana Limited, owned by Nana Appiah Mensah to suspend their operations of purchasing and depositing of gold collectibles and guaranteed returns being a capital market activity.
In a letter dated September 7, SEC said it has thoroughly investigated the activities of Menzgold and has found that, it does not have the license to trade in gold collectibles from the public – and that the firm has contravened Act 929.
Ghana | Ainkaonline.com | Vivian Adu Boatemaa