Gold trading firm Menzgold says it is willing to pay half of the premium of investment of customers who are eager to terminate their contracts with them.
The company says the move is to alleviate the possible discomfort their suit against the Central Bank and the Securities and Exchange Commission will have on customers who are demanding a termination of their contracts.
“In light of the many grievances displayed by an overwhelming number of our clients, the management of MenzGold Ghana Limited has taken a decision to pay out 50% of all Gold deposits in cash equivalent. .. In order to appeal to our cherished clients and to minimise the impact of our suit on our customers, we urge that everyone stay calm as a new schedule will be out for those intending to terminate their contract and will be notified of when to come for the 50% of their initial principal,” the company said in a statement Wednesday.
Earlier, the firm had said it was declining the payment of such monies until its suit against the Central Bank is resolved.
“As a result of the shutdown of the gold trade business, the firm cannot process any kind of termination on the gold vault market until a healthy restoration is determined by the courts since we have filed a suit already”.
Menzgold in its writ against the BoG and SEC is demanding among other things: “A declaration that the Plaintiff’s business does not fall within the present legislated scope of the Banks and Specialized Deposit -Taking Institutions Act 2016 (Act 930);
“A declaration that Plaintiffs business activities does not fall within the present legislated scope of the Security Industry Act 2016 (Act 929);
“A declaration that the 10 Defendant’s Notices No. BG/GOV/SEC/2018/12 and BG/GOV/SEC/2017/24 dated 6th August 2018 and 28th November 2017 respectively have hurt the business reputation of the Plaintiff;
“A declaration that the 2nd Defendant’s Notice No. SEC/PN/002/09/2017 dated 22^J September 2017 has harmed the business reputation of the Plaintiff”.
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