Menzgold to pay all customers their capital in 90 days

Gold trading firm, Menzgold Ghana Limited will from Tuesday October 9, 2018 start paying its customers the full value of gold traded with the company. The payment is expected to be completed within 90 days, Menzgold said in a statement issued on Monday. This decision was arrived on Sunday October 7, during a meeting between management of the company and some customers at the Korkdam Hotel at Achimota, Accra. “Menzgold Ghana limited noting that the principal concerns of its Customers is for the return of their primary value of gold traded with the company, has agreed and proposes to pay and return to every Customer the full value of gold traded, in ninety days (90), commencing from Tuesday, 9. October 2018,” the company said. The customers however implored the company to try and pay them 50% of their total value of the gold traded in four weeks “to alleviate their financial stress and inconveniences” as a result of the decision by the Security and Exchange Commission to shut down the company. Menzgold however said it would not be able to honour their request. “Menzgold noted that it may not be possible to pay all customers 50% of the total value of gold traded, as suggested above. However, the Board has directed Management to assess the Company’s potential cash flow and to determine the exact percentage that can be realistically honored by the Company to all customers in four (4) weeks.” The statement signed by the Head of Communications at Menzgold, Nii Armah Amarteifio said all payments will be made via direct transfers into the accounts of all Customers. This, it said, is to avoid the rush and overcrowding at the various branches of the company, save time, travel and avoid any inconvenience to its customers. “In the meantime, Menzgold will continue to assiduously engage with the relevant authorities to reach an amicable resolution and address any legitimate concerns of Government, in the coming weeks. Hopefully, this will enable Menzgold continue with its business of trading in gold collectible without prejudice to Menzgold’s pending suit before the courts of law. ”

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