Customers of gold dealership firm Menzgold were today greeted with yet another disappointment as the company refused to pay 15% of their principal as promised.
Menzgold on November 4, 2018 promised to begin a 15% payment of principal investment to customers who want to terminate their contract today November 9, 2018.
In a press statement, Menzgold explained its intent was to pay off the entire amount in 90 days from their previous release.
“As promised, we are glad to indicate that, fifteen percent (15%) of the initial gold collectibles values committed to the buying and selling on the Menzgold ‘Gold Vault Market’ would be paid beginning 9th November, 2018…”
“These 15% percent termination payments would be made via bank transfers into beneficiaries’ bank accounts following a well-structured ‘transactions schedule’,” the statement said.
The statement explained that the schedule will take into consideration the date of trade commencement of clients, “whether a trader did receive any extra value payment since the trader’s trade commencement or not, how long the trader has been buying and selling gold collectibles on the Gold Vault Market, the total quantity and value of gold collectibles put up for trade on the Gold Vault Market, and the extra value payments frequency received by each trader since the trader’s gold buying and selling tenure on the Gold Vault Market”.
However, when the customers of Menzgold arrived at some branches in Accra to receive their 15% investment principal they were asked to return and wait for a text message to validate their 15% payment.
According to some customers of Menzgold, they are ready to risk their whole day at the companies office for their money.
Meanwhile, Nii Oman Badoo, head of Legal and Enforcement unit at the Securities and Exchange Commission (SEC) has stated that the so-called online platform being introduced by Menzgold will still be closely monitored,
According to Nii Oman Badoo, SEC will be swift to act appropriately if Menzgold online platform breaches the regulatory regime of Ghana.
Menzgold on November 5, 2018 launched an online platform known as Menzgold Global Market. Menzgold Ghana Limited has also said it will begin to pay its clients part of their initial gold collectibles value on Friday, November 9, 2018.