Menzgold to pay clients 15% principal November 9

Clients of gold-trading firm Menzgold, will, from 9 November 2018, start receiving 15 per cent of their principal investments from the company, ClassFMonline.com has learnt.

The company will send the clients direct messages to that end and make the payments into their bank accounts.

The company recently said it will resume full operations on or before 5 November 2018.

Menzgold said it will launch a new gold/collectibles trading product that would make it possible for existing transactions to be migrated unto that platform for immediate and prompt extra value and principal payments.

This was contained in a press statement signed by Nii Amarh Amateifio, Acting Head of Communication of the company.

The statement said the management is yet to decide on the percentage to be paid to its existing customers who have expressed their desire to terminate their investments with the company.

The percentage, once agreed, will be paid directly into the accounts of all customers, Menzgold said.

The company has been unable to pay its clients their dividends due to an ongoing battle with the Security and Exchanges Commission (SEC) and the Bank of Ghana over its operations. While the state institutions say the company has not been licensed to take deposits, Menzgold insists it does not take deposits and does not answer to the two institutions.

Some clients who have not been able to access their dividends are seeking to terminate their contract with the company while others have hinted at dragging Menzgold to court.



Below is the full statement from Menzgold:

1. Following our Media Release on 8th October 2018, we would like to thank you, our customers for taking time off your busy schedules to go and have your names written at your various branches in anticipation of your principal payments.

2. The percentages to be paid will be officially communicated in a press release after a stakeholders meeting scheduled for this weekend. All agreed percentage payments will be made via DIRECT TRANSFER into the accounts of ALL Customers who have expressed their willingness to terminate their transactions shortly thereafter.

3. However, Menzgold could commence full operations on or before 5th Nov. 2018, with the launch of a new online Gold/Collectibles Trading product that would make it possible for existing transactions to be migrated unto it for immediate prompt EXTRA VALUE & PRINCIPAL PAYMENTS in order for the business to proceed as usual.

4. We wish to assure our cherished customers of our unreserved commitment to stabilise, sustain and grow the Menzgold course, all in our resolve to serve our customers better.

5. Menzgold Ghana would once again like to thank all customers for your patience and support physically and spiritually as we navigate through these cold trying waters to a fruitful, expected and fulfilling end.

6. May we also announce that effective Monday, 29th Oct. 2018, there would be a program titled; “TIME WITH MENZGOLD” that would be the official medium through which Menzgold/Customers concerns would be adequately addressed by Management. This would be the authoritative mouth-piece for the Menzgold Communications department. It would be aired every Monday and Thursday, 11am-12pm on Zylofon FM 102.1 and repeat on Tuesdays and Fridays, 7:30 pm - 8:30 pm on Zylofon TV.

7. Kindly also note that our doors are always open for queries, suggestions, and contributions

Thank You.