Menzgold Commence Payment OfClients As Promised


Menzgold, has commenced the initial percentage payment to customers, who have willingly decided to terminate their contract with the gold dealership company firm.


About 25percent- 30percent of the clients seeking to terminate their contracts, have been completely paid off, while the arrangement to sort out the remaining clients remains according to the agreed percentages.


The action is in fulfilment of the promise the company made to its customers last month, following a stakeholders’ meeting.


The vast majority of Menzgold customers, opted not to terminate their contracts with the company, as they have kept faith with the firm as a result of its long-standing positive record.


Menzgold, gave its customers the option to cancel their contracts or continue to trade after the company’s stand-off with government over licensing.


A source close to Menzgold, explained that the percentage payment schedules has been grouped into 100percent, 50 percent, 30 percent, 20 percent, and 15 percent.

At East Legon Branch, two customers, whose gold investments was worth Ghc6000.00 and Ghc 10,000.00 received 100 percent and 50 percent respectively.


They declined an offer for an interview. However, a check with the Branch Manager, showed that almost 30 customers, have been paid their monies as at the time we visited the premises.


The Head Office at Dzowulu was very busy at the time the team got there. A quick interview with the Branch Manager, revealed that almost 600 customers, have been paid since November 9, when the payment started.


According to him, most customers with principals ranging from Ghc4000.00 to Ghc50,000, have received their initial 15 percent payment.  He averred that, all payments are made based on the list scheduled by the company.


A customer due for payment is sent an SMS before he or she goes to the branch for validation and payment. All customers, who have received their direct SMS are expected to visit their various branches for payment. Every branch has been authorized to pay its customers who have received direct SMS ONLY according to the agreed schedule.


Payment will be made to all customers till the end of November.


The Securities and Exchange Commission (SEC) on September 7, ordered Menzgold through a press statement, to suspend its operations with the public with immediate effect which affected the operations of the company after five years of unblemished business record.


The action by government through the press statement sparked panic withdrawals among some customers following the SEC claim that the firm does not have the license to trade in gold collectibles.


Menzgold, insisted that it was duly licensed to operate its unique investment and filed a suit against the Bank of Ghana and SEC at an Accra High Court over the suspension of its operations.


The company is seeking a declaration that the order by the SEC constitutes an abuse of its discretionary powers and “is arbitrary, capricious and contrary to Articles 23 and 296 of the 1992 Constitution.”


The company, although is in court agreed to pay all customers who sought to terminate their gold trading with them.

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