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Menzgold to pay customers their monies from Friday

Management of gold dealership company Menzgold, has announced that customers can visit branches of the company to demand their matured investment from tomorrow [Friday], September 28, 2018.

Addressing a press conference today, Thursday, Corporate Affairs Manager of Menzgold, Nana Yaw Ofei, explained that the company will pay all its customers that were trading with them until September 12, when a directive from the Securities and Exchange Commission, SEC, interrupted their operations.

This means those who invested with them after September 12, 2018, “will not get any form of returns”.

“… We’ve set out a payment schedule starting tomorrow [Friday] to be circulated to all our customers. Customers are encouraged to only visit their branch on the date for their collection as the schedule will be strictly adhered to, to avoid crowding at the branches.”

“It is pertinent to note however that the period starting Wednesday 12th September to date while the Gold Vault Market has remained forcefully shut by the SEC regrettably shall not attract any forms of returns whatsoever, as the business of the gold trade has been and still is dormant,” he said.

This latest development which will come as a relief to their customers, follows 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.

“An order of perpetual injunction to restrain the Bank of Ghana and Securities and Exchange Commission, its officers, servants and agents from interfering with Menzgold’s business activities or further acts of disobedience and non-compliance with law by publishing any derogatory notices.”

Background

Menzgold Ghana Limited 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 says, is 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.”

Although the company was adamant at first, it subsequently complied with the directive.

Citinewsroom

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