All seems set for the embattled gold collectibles dealership firm, Menzgold Ghana, to resume operations on November 5th, 2018.
Acting Head of Communication at Menzgold Ghana Limited, Nii Amarh Amarteifio, announced in a news release titled: ‘Updates Following The 8th October 2018 Media Release,’ that “Menzgold could commence full operations on or before 5th Nov. 2018, with the launch of a new online Gold/Collectibles Trading product.”
The statement said the new product “would make it possible for existing transactions to be migrated onto it for immediate and prompt extra value and principal payments in order for business to proceed as usual.”
It would be recalled that the Securities Exchange Commission (SEC) earlier in September 2018, ordered Menzgold Ghana Limited to suspend its gold trading operations with the public.
The directive, according to SEC, was based on the ‘fact’ that Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.
The move, SEC explained, was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
The company was, however, allowed to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”
However, Mengold Ghana, in its latest statement announcing its intention to resume operations in November, did not state how far it has gone in resolving its differences with SEC.
“We wish to assure our cherished customers of our unreserved commitment to stabilize, sustain and grow the Menzgold cause, all in our resolve to serve our customers better,” Menzgold Ghana said about its reopening.
“Menzgold Ghana would once again like to thank all customers for your patience and support physically and spiritually as we navigate through these cold trying waters to a fruitful, expected and fulfilling end,” it said.
It remains to be seen as to whether Menzgold Ghana will finally bounce back on November 5th, as being announced, as the company had previously issued such press statements either calling the bluff of Bank of Ghana (BoG) and SEC only to be compelled by the regulators later to ‘do the right thing.’
Meanwhile, it also indicated its preparedness to pay its customers their principal, thanking them for going through the registration process as required by the company.
It would be recalled that at the latter part of September 2018, the Securities and Exchange Commission urged Menzgold to pay extra values on its customers gold deposits.
“The percentages to be paid will be officially communicated in a press release after a stakeholders meeting scheduled for this weekend. All agreed percentage payments will be made via direct transfer into the accounts of all customers who have expressed their willingness to terminate their transactions shortly thereafter,” according to Menzgold Ghana in the statement dated October 26, 2018.