The CEO of Menzgold Nana Appiah Mensah has issued a passionate apology to customers of the gold trading firm over the recent halt in their operations.
In his first interview since the gold investment firm’s stand-off with the Bank of Ghana (BOG) and the Security and Exchanges Commission (SEC), Mr Mensah wasted no time in apologizing to clients of the company.
The firm’s operations was halted in September 2018 when SEC ordered the company to suspend its gold trading operations after five years of unblemished service.
The company stopped its operations by minimizing its dealings with the clients due to the ongoing battle with SEC and BOG over its operations.
While the state institutions say the company has not been licensed to take deposits, Menzgold insists it does not take deposits.
Despite the intervention of the BOG and SEC leading to the halt in the operations of the business, the CEO offered his groveling apology to the customers.
“My sincerest of apologies to customers of Menzgold for the challenges we have faced over the past two months. They have invested their gold with us with hope that we will continue to invest and represent their interests,” Nana Appiah Mensah told Zylofon FM on Monday.
“I offer my sincere apologies to our customers once again for the difficulties we have faced over the past two months. We have served them with diligence and excellence for five years until this issue of the Bank of Ghana (BOG) and Securities and Exchanges Commission (SEC) came up to interrupt the business.
“Regardless of these difficulties I am again apologising to our customers for the inconvenience caused and their patience and I want to assure them that we have put in the structures to forestall this in future.”
Menzgold will resume operations on Monday when it starts migrating customers to an online platform to ensure continuous and smooth operations to investors.
The digital migration also ensures that they will not be bound by the regulatory issues that brought the halt in the operations of the company in Ghana.
Menzgold will start paying 15% of principal of the investors who are keen on terminating their contract from Friday as it seeks to stabilize its operations.
It would be recalled that the Securities Exchange Commission (SEC) in September 2018 ordered Menzgold Ghana Limited to suspend its gold trading operations with the public.
The directive, according to SEC, was based its claim that Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients without a valid licence from the Commission.
The move, SEC explained, was in contravention of “Section 109 of Act 929 with consequences under Section 2016 (I) of the same Act.”
The company however says it does not accept deposits from clients insisting its operations are legal.