After a somewhat ‘protracted’ disagreement between embattled gold collectibles dealership firm, Menzgold Ghana Limited and its customers over the percentage to be paid to them on their principals, the company has reportedly started paying the initial percentage to its customers.
It would be recalled that customers of Menzgold Ghana Limited had initially rejected a proposed 15 percent payment on their principals.
The company’s woes started on September 7, 2018 after the Securities and Exchange Commission (SEC) directed it to suspend its gold trading operations.
The directive, according to SEC, was based on the ‘fact’ that Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns to clients without a valid licence from the Commission.
The move, SEC explained, was in contravention of “Section 109 of Act 929 with consequences under Section 2016 (I) of the same Act.”
The company was, however, allowed to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”
The directive caused panic among Menzgold Ghana Limited’s numerous clients, who consequently besieged the offices to demand their investments.
However, for several days, management of Menzgold failed to convince its clients to accept a proposed 15 percent initial payment on their principals.
But reports reaching DAILY GUIDE indicate that ‘normalcy’ has returned to Menzgold, with the company said to have completely paid off about 30 percent of its clients who wanted to terminate their contracts.
The payment process, according sources close to Menzgold, has been smooth so far.
Reports said that there are plans to pay the rest of the clients said to have accepted the “agreed percentages.”
Menzgold Ghana Limited promised to pay its clients in October 2018 during a stakeholders’ meeting.
DAILY GUIDE gathered that the majority of Menzgold customers kept faith with the firm and opted not to terminate their contracts.
Menzgold gave its customers the option to cancel their contracts or continue to do business with it during the company’s stand-off with government over licensing.
A source close to Menzgold explained that the percentage payment schedules have been segmented into 100 percent, 50 percent, 30 percent, 20 percent and 15 percent.
At East Legon Branch, two customers, whose gold investments were worth GH¢6,000 and GH¢10,000 reportedly received 100 percent and 50 percent respectively.
Payment Mode
A customer due for payment is accordingly sent an SMS before he or she goes to the branch for validation and payment, this paper has learnt.
“All customers who have received their direct SMS are expected to visit their various branches for payment. Every branch has been authorized to pay its customers who have received direct SMS ONLY according to the agreed schedule,” a source revealed.
All customers are expected to be paid by the end of November.
Source: Daily Guide
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When did they start payment and what criteria are they using to pay. It is just a PR deception at the highest peak. It is only in Ghana that this lawlessness will take place. If that SEC can stop him now, what were they waiting for.... For the past five years it has been in operation. SEC has rather empowered NAM1 to take the monies. I smell....
Let's support our own. Ghana shall prosper. NAM1 God bless you for your good works, you are a blessing to mankind. Even the so-called credible Banks like uniCredit cannot even pay their customers their deposits. Go after uniCredit n co. and stop disrespecting NAM1 and menzgold.
God bless Nana Appiah I have received my money,best company in Ghana .I will reinvest with the company .I now trust Menzgold than the BOG and SEC,I can see clearly envy,jealousy and wickedness on thier side
What is Ghc10,000? Some have invsted over Ghc100,000 to Ghc1.5 Million with Menzgold. When would they pay such huge depositors? This is a jok and it is worrying. Why is the govt not stepping in to freeze the company bank account and use the money to pay back the customers? Should the govt wait for ths smart NAM1 guy to repatriate the money from to foreign country before they step in?
Ghana , Let me tell you , whether they are making payment or not , every customer will receive their money intact . The young has just experienced financial distress which could happen to any company . It is rather unfortunate that , government appointees and public officials instead of working tirelessly to support the young through every means position , like what is being done elsewhere , our government is simply acting like the customers . I have advised Menzgold to relocate after dealing with this storm . If this guy remain in the country Ghanaians and their witchcraft will destroy him . Witches sn witchcraft who cannot see a young man progress . NANA APPIAH WILL SOON BOUNCE BACK .
They are still not paying through the banks, these guys paaa
peacefm online. stop misleading us. one, an intention to pay is not payment. two.trying to pay 15 percent of an amount to their customers and not knowing when full payment will be done is deceptive and criminal. This guy in other juridiction would have been arrested by now and all properties ceased including his criminal private jet. oh mother GHANA PAA NIE.
MASSA, MENZGOLD IS PAYING AND WE JUST HOPE SO...VILLAGE GHANAIANS. THINK ABT UR VILLAGE GOVT
Misleading.Menzgold has not paid majority of customers.
You copy and paste an article from Xylofon media and give it a misleading title. You do no due diligence and still call yourself a credible media house, you are no less scammers than NAM1 himself. If they have paid why are clients threatening to demonstrate?