Menzgold suspends new online trading; staff asked to proceed on leave

Gold trading firm Menzgold has announced it is suspending its new online global gold trading following advice it has received over the new business line.

The company in a statement Thursday also asked its staff to proceed on leave between Monday December 10 to December 20 due to the persistent attacks on them by aggrieved customers.

“All staff members excluding branch managers are advised to proceed on leave from Monday, 10th December, 2018 and to resume on the 20th Dec. 2018, when all outstanding entitlements including end of year packages shall be fully disbursed. All branch managers are hence transferred temporary to the head office; Dzorwulu, Accra effective, Monday, 10th December, 2018. The above decision has been reached as a result of the incessant security threats from customers on the lifes and properties of staff body and the company, which is not conducive for operational activities,” CEO of the firm said in a statement to staff.

He added: “I entreat staff to continue to be calm, keep faith and be rest assured that, we shall endeavour to ensure you have job security, as we have been well advised to give all pause to the online gold collectibles trading just like the offline one, to make room for the authorities to cogitate and to present a final say to us and the public on the matter in question in the next few days. To this sad end, all the 5% migrations fees received shall be reimbursed fully to customers from Monday, 10th December to Friday, 15th December, 2018. The date for our end of year staff durbar would be communicated by management soon, when an opportunity would be presented for me to formally address you personally on the future prospects of our great Company. Thank you all for your faith, co-operation, confidence and above all, your unmatched sacrifices for the cause of our dear Company”.

The gold firm has been struggling to pay premiums of its investors after they were ordered to stop their unlicensed public gold trading activities by the Securities and Exchange Commission (SEC).