Menzgold to pay 50 percent deposits now, rest later

BY: Jasmine Arku

The Management of gold dealership company, Menzgold Ghana Limited, has decided to pay its customers half of their initial principal.

The decision, according to the company, has been arrived at due to “the many grievances displayed by an overwhelming number of our clients”.

A statement released Wednesday, however, did not state when the payments would start except that a scheduled plan would be released.

It added that the payments would be made to customers whose deposits were made before the company temporally halted the operations of its gold vault market.

Scheduled payments and no termination

Customers of the Menzgold last Friday besieged the company’s premises to claim their principals and monthly dividends, while others wanted to terminate their contracts following an announcement that the company had resumed operations of its gold vault market after it was suspended on Semptember 13, 2018.

Some, however, left disappointed as the company released a scheduled payment plan only in relation to extra values that had accrued before the company was ordered by the Securities and Exchange Commission (SEC) to shut down its operations.

According to the company, due to the shutdown, it was not in the position to process any termination of contracts with customers.

50 per cent initial principal

But the statement released Wednesday said, the company had arrived at a decision to pay 50 per cent of the initial principals and terminate contracts of customers who wish to do so.

“This decision has been made in order to appeal to our cherished clients and to minimise the impact of our suit on our customers, we urge that everyone stays calm as a new schedule will be out for those intending to terminate their contract and will be notified of when to come for 50% of their initial principal,” the statement said.

It added that those who wished to continue trading with the company would be paid their monthly extra values.

“We urge that you be patient with us as we assure you that things will get better and you will receive the remainder of your principal as time goes on. For those who still wish to continue trading with us, your extra values will be paid as per our contract as we battle SEC and BOG in the court of law,” the statement said.