Menzgold customers 'totally' reject 36-month payment plan

The customers of gold dealership firm Menzgold Company Limited have “totally” rejected the 36-month payment plan proposed by the company within which it promised to refund their locked-up investments in full.

The Public Relations Officer of the Coalition of Aggrieved Customers of Menzgold, Mr Fred Forson, told Joshua Kojo Mensah on Class91.3FM’s mid-day news on Thursday, 19 December 2019 that: “We do not believe in it, we totally reject it”.

In a statement issued on Wednesday, the troubled company said it will, from 27 December 2019, begin paying its clients’ locked-up investments.

“Payments start on Friday, 27 December 2019 with funds at hand now, as we proceed to go recover the debt owed Menzgold overseas, especially in Dubai and Europe”, to augment the kitty, so as the payment “sessions continue”, the company said in a statement.

It added that the claims shall be settled in full and shall be subject to an invitation from the company’s legal team.

The statement noted that payments will be based on a formula and schedule, saying: “Payments shall be made strictly following a 'reverse mechanism', which implies from the last day [month] of our business operations to the very first day when our business commenced. Thus; from 12 September 2018 to 18 March 2013.”

To this end, Menzgold said it will start to settle all investors’ transactions in September 2018 and those who did not access any extra values.

Menzgold said it is committed to settling all claims in not more than 36 months, as it follows, strictly, the “reverse payment mechanism”.

The company, however, expressed worry that its assets remain frozen, saying neither can it “access any of our offices nationwide” nor “credit or debit any bank account in Ghana”.

“In view of these constraints, our lawyers shall agree with the claimants, upon invitation, as to where and how to legally receive payment.”

Menzgold appealed to its customers to cooperate with them in carrying out the payments.

However, barely 24 hours after issuing that statement, Menzgold’s lawyers, Kwame Akuffo & Co. Unlimited, issued a statement saying it lacked the capacity to make any payments on behalf of the company.

After rejecting the payment plan, Mr Forson told Class News that: “We are meeting this morning then we’ll take a decision on it, because we already sounded the warning that we had wanted him [CEO Nana Appiah Mensah] to meet with us but if he was not ready to meet with us, it means whatever he brings should be in the interest of all the customers where we called for the 100 per cent and total payment of all customers before the end of the year”.

“But what he has brought, a 36-month payment plan”, Mr Forson noted, “is even unsustainable because he is not able to even tell us the source of funds that he is going to use to pay the money”.

He added: “Even just a moment after he himself brought out the payment plan, his lawyer, who he said was the person who is going to pay the customers, has come out to say that he has nothing to do with that, he doesn’t have the capacity”.