Gold dealers, Menzgold say, customers who wish to terminate their investment transaction will receive the full amount of their investment in 90 days if the ongoing misunderstanding with statutory institutions is resolved.
“Should Menzgold succeed in reaching an amicable resolution with the authorities, customers wishing to continue trading with Menzgold are free to exercise the option of continuing to trade with us. Similarly customers wishing to terminate their business with Menzgold are free to do so and should be rest assured of their full payment in 90-days as stipulated…” a statement released by Menzgold, Monday said.
The statement, according to Menzgold was part of an agreement reached with a section of its customers from across the country at a meeting held on Sunday.
The tango between Menzgold and the Security Exchange Commission (SEC) on one hand and with its customers on the other has gone on for weeks.
The gold dealers are in court challenging the powers of SEC to regulate them. But some of its customers have become apprehensive with the recent report about the possibility of losing their investments.
Some have made attempts to withdraw their principal amounts but have been unsuccessful thus far.
Last week, offices of the gold trading company were locked over security concerns but the company says it has resolved its misunderstanding with customers, at least sections of them, the statement said.
The company said it met with sections of the customers and addressed a number of issues including allegations the transaction is a Ponzi scheme, communications as well as payments of interests and principals.
“Customers recommended that to alleviate their financial stress and inconveniences resulting from the intervention and decisions of the Security and Exchange Commission SEC to shut down the business of Gold Collectibles, Menzgold Ghana should consider paying 50% (fifty) percent of the total value of the gold traded to all customers in 4weeks.
“In response, 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 percentage to be paid will be officially communicated in a press release and by direct communication with each customer.
“Also all payments will be made via direct transfer into the accounts of ALL Customers. This is to avoid the rush and overcrowding at the various Branches of the Company, save time, travel and avoid any inconvenience to our 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 collectibles without prejudice to Menzgold’s pending suit before the courts of law,” the statement said.Read Full Story