Menzgold to pay clients up to 50% of their principal

Menzgold Ghana Limited has said that it will pay out 50 percent of all gold deposits in cash equivalent to its customers.

In a statement issued by the management of the gold firm, it stated that they made this decision to reduce the impact of its legal suit against the Bank of Ghana and the Securities and Exchange Commission (SEC).

They further indicated that “a new schedule will be out for those intending to terminate their contract and will be notified of when to come for 50% of their initial principal.”

The statement, however, indicated that this only applies to customers whose deposits were made before September 13, 2018.

Menzgold has provided a schedule for payment after the Securities and Exchange Commission (SEC) ordered it to close down its business.

In a letter dated September 7, 2018, the SEC said after thoroughly investigating the activities of Menzgold, it had found out, the firm did not have the license to trade in gold collectibles from the public.

According to Menzgold, the suspension of operations has affected its business and must therefore provide a schedule for payment of its customers.

At a press conference on Thursday (September 27, 2018) few hours after Menzgold sued the Bank of Ghana and SEC over the suspension of its operations, the Corporate Affairs Manager of the gold trading firm, Nana Yaw Ofei said they are “very much alive to the needs our customers.”

“It is, however, important to note that the recent circumstances have dislodged the shape and projection of our business.”

“It’s pertinent to note, however,” he added “that the period starting Wednesday 12 September 2018 to date while the gold vault market has remained forcefully shut by the Securities and Exchange Commission, regrettably shall not attract any form of returns whatsoever as the business of the gold trade has been and is still dormant.”

Read the full statement below…

credit: pulse ghana

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