Chief Executive Officer (CEO) of troubled gold trading company, Menzgold Ghana, Nana Appiah Mensah, is calling for calm among his agitated customers.
According to him, the company is preparing to release all locked-up cash.
Menzgold has not been able to pay matured returns to its investors since the Security and Exchanges Commission (SEC) ordered it to suspend its gold trading operations to the public.
The company in an attempt to call the bluff of SEC came up with a payment schedule to pay its clients, but the said payments have been postponed for three consecutive times.
The delayed payments continue to stir up anger among Menzgold customers, a situation they have vowed to use all means possible to resolve.
In a late night message on Twitter however, Nana Appiah urged his clients to exercise some restraint for the protection of his business.
“I humbly urge all Menzgold clients to kindly remain calm, as we prepare to COMPLETELY SETTLE all entitlements of any magnitude soon. We’ve got brands & names to protect.”
The embattled CEO believes the patience of his irate customers is the only to ensure safety.
“Self-restraint now is critical to maintain public peace & order. All is well”, he tweeted.
— Nana Appiah Mensah (@mn__appiah) October 7, 2018
I humbly urge all Menzgold clients to kindly remain calm, as we prepare to COMPLETELY SETTLE all entitlements of any magnitude soon.We've got brands & names to protect.Self-restraint now is critical to maintain public peace & order. All is well.#MenzgoldlivesOn #GhanaShallProsper
— Nana Appiah Mensah (@mn_appiah) October 6, 2018
‘Don’t panic, your deposits are safe’ – Stonebwoy to Menzgold customers
Dancehall artiste, Stonebwoy, recently gave hope to the aggrieved customers of Menzgold.
According to him, all investments with the company will not be lost despite the challenges the company is facing with the Securities and Exchange Commission, SEC.
We’re still not getting vital information from Menzgold’ – SEC
The Securities and Exchange Commission (SEC) has indicated that it is yet to hear from gold trading company Menzgold Ghana Limited after it ordered the suspension of its gold trading business.
Deputy Director-General at SEC said that the flow of information from the gold dealership firm to enable the two parties reach a favourable consensus has not been smooth.
Menzgold’s woes, what to know so 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.