Information reaching TheNewsGh.Com indicates that Menzgold have started paying the initial percentage of principal to its customers after disagreement between embattled gold dealership firm,Menzgold Ghana Limited and its clients.
Recalled that customers of Menzgold had initially rejected a proposed 15% payment on their principals.
On 7th September,2018 the Securities and Exchange Commission (SEC) directed Menzgold to suspend its gold trading operations due to unlicensed documents.
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 to clients without a valid licence 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.”
The directive caused panic among Menzgold Ghana Limited’s numerous clients, who consequently besieged the offices to demand their investments.
However, for several days, management of Menzgold failed to convince its clients to accept a proposed 15 percent initial payment on their principals.
However,reports reaching TheNewsGh.Com indicates that Menzgold have completely paid off about 30 percent of its clients who wanted to terminate their contracts.
According to sources,the payment process has been smooth and there are plans put in place to pay the rest of the clients who accepted the ‘agreed percentages’.
Menzgold Ghana Limited promised to pay its clients in October 2018 during a stakeholders’ meeting.
The gold dealership company gave its customers the option to cancel their contracts or continue to do business with them .
Reports we have gathered indicated that the percentage payment schedules have been segmented into 100 percent,50 percent,30 percent,20 percent and 15 percent.
At East Legon Branch, two customers, whose gold investments were worth GH¢6,000 and GH¢10,000 reportedly received 100 percent and 50 percent respectively.
A customer due for payment is accordingly sent an SMS before he or she goes to the branch for validation and payment, this paper has learnt.
“All customers who have received their direct SMS are expected to visit their various branches for payment. Every branch has been authorized to pay its customers who have received direct SMS ONLY according to the agreed schedule,” a source revealed.
All customers are expected to be paid by the end of November