Menzgold to restrict payment to extra value dates of customers

Menzgold has disclosed it will begin the payment of 15 per cent of premium to its aggrieved customers but that will be done according to their extra value payment schedules.

The move is contrary to the earlier impression created by the company that all customers will be paid currently on November 9.

It is unclear how customers of the company will accept the latest explanation by the company.

“Following our Media Release on 25th October 2018, we would like to thank all customers for the rather painful endurance, calm and confidence reposed in the Menzgold brand thus far, as we strive in an unmatched quest to serve you better.

“2. As stated in the 8th Oct. 2018 press release, that in a month following the above date, a percentage shall be determined and paid to traders as a way to mitigate their economic distress, in as much as the intent was to pay off after 90 days. As promised, we are glad to indicate that, fifteen per cent (15%) of the initial gold collectables values committed to the buying and selling on the Menzgold “Gold Vault Market” would start on the 9th November 2018.

“3. These 15% per cent termination payments would be made via bank transfers into beneficiaries’ bank accounts following a well-structured “transactions schedule”, treating each transaction on its merits with regard to time of payment dispatch, based on the criteria below; (i) Date of trade/transaction commencements (ii) Whether a trader did receive any extra value payment since the trader’s trade commencement or not. (iii) How long the trader has been buying and selling gold collectables on the Gold Vault Market. (iv) The total quantity and value of gold collectables put up for trade on the Gold Vault Market. (v) Extra value payments frequency received by each trader since the trader’s gold buying and selling tenure on the Gold Vault Market,” Menzgold said in a statement Sunday.