Menzgold Commences Payments To Its Clients As Promised

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

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

The effortless action is in fulfillment of the promise the company made to its customers last month following a stakeholders’ meeting with clients of the company.

The vast majority of Menzgold customers opted not terminate their contracts with the company as they have kept faith with the firm thanks to 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 visit at the various branches across the country showed that most of the customers have received their payments while the rest will receive theirs per the agreed percentages.

A source close to Menzgold explained that the percentage payment schedules has been grouped into 100%, 50%, 30%, 20%, and 15%.
At East Legon Branch, two customers whose gold investments was worth Ghc6000.00 and Ghc 10,000.00 received 100% and 50% 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 9th November 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 7th, 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 is 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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