Menzgold to announce payment schedule Dec. 18

Menzgold has said it will announce a payment schedule and formula for its customers on December 18.

It comes after the company asked customers whose funds have been locked up to visits centres across the country to validate their documents.

The latest notification is silent on when payment, which is critical to customers, will begin.

In a terse notice on Facebook, PRO for Menzgold wrote: “Management will make an official public pronouncement on the 18th December 2019 regarding PAYMENT SCHEDULES and FORMULA”.

Background:

About GH¢200 million of depositors cash is believed to be held up at the collapsed gold dealership firm Menzgold.

Menzgold folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.

According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).

The collapse of the gold trading firm had been blamed on the directive.

Addressing a press conference on Wednesday, the PRO of the Coalition of aggrieved Menzgold Customers, Fred Forson stated that they will do everything possible to retrieve their locked up cash from Menzgold.

“We want to hear from NAM1, we have supported him all this while and it is time we hear from him…we want to demand from the CID that we want to meet Nana Appiah Mensah in person. Wherever he is, he needs to address us as leaders of Menzgold customers.

“If it is not a deliberate attempt on the part of the government to shield and protect Nana Appiah Mensah to loot and create and share our investments, then this is the time that the government should be transparent…and let us know what is happening with our investments.”