We’ve began payments, call off planned demo – Menzgold to customers

General News of Thursday, 22 November 2018

Source: citinewsroom.com

2018-11-22

Menzgold Ghana Limited

Menzgold Ghana Limited is calling on aggrieved customers of the company to back down on their planned nationwide demonstration.

The company said although the customers have the right to stage such a protest, it believes that the action is unnecessary as it is honouring its promise of paying monies to the customers.

The Head of Communications of the gold dealership company, Nii Armah Amarteifio in an interview with Citi News said aggrieved customers who are still unsure about the payment of their investments must approach the company and dialogue, rather than hit the streets.

“It is their civil right to go on a demonstration. I urge them to call off the demonstration because as it stands, the promise that we made to them regarding the payment of the 15%, I know most of them are complaining that they have not seen or heard people being paid. But the fact is that we are paying so I urge them to come, so we sit down and have a discussion on the matter,” he said.

Some customers of the embattled company on Wednesday threatened a nationwide demonstration next week Wednesday to impress upon the company to pay them their principal investments that appears locked up.

Background

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

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 with clients, without a valid license from the Commission.

This, the SEC said this was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

The company was however cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”

Despite initial protests, Menzgold complied with the directive. It has however failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.

We’ll be watching Menzgold’s online platform – SEC

The Securities and Exchange Commission (SEC), has said it will be keeping a close eye on Menzgold Company Limited’s online ventures.

Menzgold Ghana is set to launch an online gold store, a buying and selling market platform, known as Menzgold Global Market on Monday.

While it remains unclear how the company will be operating online, the SEC said it will intervene if it determines Menzgold is working within its purview.

“We have also picked signals in public on the issue about an online business.

We are monitoring. As long as it offends our legal or regulatory regime, we will come into play,” the Head of Legal and Enforcement at SEC, Nii Oman Badoo said at a press soirée.

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