Menzgold postpones payment of returns again

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Gold dealership firm, Menzgold Ghana Limited, has closed its operations today [Friday October 5, 2018] after it promised to pay customers their monies today.

The company earlier assured angry customers of resuming the payment of matured returns on Wednesday, October 3, 2018.

Menzgold halted the payment of the returns on the said date with the excuse of revising the schedule for payment.

It subsequently set Friday, October 5 2018, for the redemption of matured investments.

Citi News’ sources can confirm that the company has not opened for business today because it wants to readjust the payment schedule again.

Menzgold has indicated that the decision had become necessary due to what it has described as “assaults on staff and threats by arms to lives and properties by aggrieved clients.”

Whilst apologizing for the inconvenience caused, the company said it will communicate the way forward on Monday October 8 2018.

Menzgold customers unhappy over delayed payments

Citi News’ Hanson Agyeman, who was at the Dzorwulu Branch of Menzgold on Wednesday, reported that the customers were disappointed by the decision of the company to reschedule the payments to today.

“Some of the customers said they were angry because Menzgold has not given them accurate information and has been tossing them instead. They questioned why officials of Menzgold will keep changing the date for collection of their monies,” he added.

We can’t pay dividends due to SEC’s action – Menzgold

Menzgold has said it is unable to pay its customers matured dividends on their gold investments due to the action that was taken against it by the SEC.

“The gold collectibles offered for trade by patrons of our gold vault market product are subject to our quality controls and traded for profit which is shared as an extra value with the product owner or trader. Any act, order or instruction, therefore, designed or decreed to forbid Menzgold from trading makes it impossible to generate any revenue whatsoever out of which extra values are charged and paid to those entitled,” Menzgold said in a statement dated September 25, 2018.

But the SEC did not agree with Menzgold’s position, saying its action did not stop them from paying customers dividends on already existing investments.

Meanwhile, the SEC has indicated that it is yet to receive adequate information from Menzgold after it ordered the suspension of its gold trading business.

The Menzgold Story thus far

After the Securities and Exchange Commission (SEC) asked Menzgold to put on hold its gold trading operations to the public, it stopped paying customers their matured investments.

Later, the company suspended its operations temporarily and hired a UK law firm, Baker & McKenzie LLP, to legally confront the SEC.

The latest development however, which was to bring relief to their customers, is Menzgold’s suit against the Securities and Exchange Commission (SEC) and the Bank of Ghana.

The company in its suit is seeking from the court an order directing the two institutions to stop interfering in its business.

Menzgold among others asked the court to stop the Bank of Ghana and the SEC from publishing what it described as “derogatory notices” against its business.

ABOUT: Ellsamwise King

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