Menzgold Ghana Limited who wish to terminate their investment with the company can do so after January 9, 2019, the company has announced .
Meanwhile, the company has said it will no longer pay extra value [dividend] to customers because of the challenges and difficulties it is facing "with its Bankers arising from instructions and actions of certain government institutions."
In a press statement signed and issued by Nii Amarh Amarteifio, Head of Communications, the company said it has noted that the principal concerns of its customers were for the return of their primary value of gold traded with the company.
It has therefore agreed and "proposes to pay and return to every customer the full value of gold traded, in ninety days (90), commencing from Tuesday, 9th October 2018."
Ghana News Headlines
For latest news in Ghana, visit Graphic Online news headlines page Ghana news page
The statement explained however that, customers who wish to continue trading with the company after an amicable resolution with the statutory institutions has been reached can do so.
“Should Menzgold succeed in reaching an amicable resolution with the authorities, customers wishing to continue trading with
"Similarly customers wishing to terminate their business with
The decision, according to
Below is the full statement issued on
The management of
The status of affairs of the company following the September 12th closure order from the Security And Exchange Commission (SEC);
Challenges that have arisen following the decision of the company to schedule and commence the payment of extra value to all customers starting from the 5th of August to 12th of September 2018;
The allegations and perceptions in certain segments of the public that
Challenges arising out of the rush by Customers for payments and non-adherence to our proposed schedule;
Ongoing efforts to engage with relevant Government authorities for an operation understanding or our business model and permanent resolution of any concerns
and misconceptions that the SEC/BOG and EOCO may have concerning our
After very frank, vibrant, sometimes heated but very fruitful
However, the Board has directed Management to assess the Company's potential cash flow and to determine the exact percentage that can be realistically
The percentage to be paid will be officially communicated in a press release and by direct communication with each customer.
In the meantime,
Should Menzgold succeed in reaching an amicable resolution with the authorities, customers wishing to continue trading with
All statements and communications from
Each Menzgold branch will have a special Customers Relation Officers desk that will be available within the hours of
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,
Management wishes to thank our valued Customers of their patience understanding and continued loyalty to the Company in the face of an unprecedented and unjustifiable assault and interference in our business, which has cost colossal financial losses to our Company, and more importantly to the tens of thousands of our cherished Customers and the millions of their dependents.
We reassure all Customers of our capacity and willingness to reimburse them for the value of their primary gold traded, in the worst case scenario. We affirm that no one will lose a CEDI. This is our commitment to our Customers as