Aggrieved customers of Menzgold have announced that they will embark on a nationwide demonstration to register their displeasure with the company following its failure to pay them their locked up investments.
The demonstration, according to the Spokesperson of the aggrieved customers, Timothy Binob will be staged at the end of October, this year.
Mr Binob, who was speaking to Accra-based Citi Fm, urged all customers of the company to join the demonstration.
“We have been promised by the firm and for several times they have not fulfilled their promises. They gave us a four week period to come out with a percentage they will be paying, but none of the customers has received anything. No customers has received any money; not even a single one,” he said.
Menzgold earlier this month announced that it would only pay the value of gold traded (initial investment) of customers in their gold vault market after January 9,2019.
According to the company, the decision was arrived at after a meeting with some customers from across the country at the Korkdam Hotel, Achimota in Accra.
The company also announced that customers wishing to terminate their investment with the company could also do after the stated date.
It further announced that it would no longer pay extra value [dividend] to customers because of the challenges and difficulties it is facing "with its Bankers arising from instructions and actions of certain government institutions."
Customer sues Menzgold
While others are waiting for a demonstration, one Rev. Joseph Appiah Odei has sued the company for breach of contract and misrepresentation.
Suspension of trading
Menzgold on Thursday, September 13, 2018, issued a six-day temporary halt of its operations following a directive by the Securities and Exchange Commission (SEC) ordering the company to suspend its trading activities.
Already, the SEC has ordered the company to halt advertising its investment business and desist from creating new contracts with depositors.
The suspension came on the back of investigations conducted by the regulator that found that Menzgold's business, which involves the purchase/deposit of gold from the public and contracts issued with guaranteed returns with clients, is a capital market activity which cannot be conducted without a valid licence issued by the SEC.
Source: Daily Graphic
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We have too many ***barred word*** people in Ghana. It's not their fault, the universe has doomed the black man to ignorance and ***barred word***. It is sad especially when black men once ruled the world in terms of learning and knowledge. Look at the pyramids, built by Egyptians, who were not the white/arabs that inhabit Egypt today, but black like you and me. They were so intelligent that even to date white men cannot understand how the Pyramids were built. Yet here we are, ***barred word*** politicizing what should not be politicized. Go ahead, vote out a government trying to root out bad financial practices. Let's bring in politicians who will protect the Pyrams and the DKM's. When Ghana goes up in flames, I will be standing by laughing at these people, just like I did in 2015 when the same Ghanaians were crying about Mahama. NPP are no angels, and I would prefer a third party if it were possible, but the lesser of two evils is good.
Seven private banks have collapsed due to the criminal conduct of high profile loan DEFAULTERS to dupe depositors of their savings yet BOG refused to publish their names despite the fact that the government is going to bail them out with over 13 billion GHC tax payers money... BOG MAFIA STAFF who have Teamed up with directors of private banks and high profile loan DEFAULTERS to dupe depositors of their savings must be published and sanctioned because they are ***barred word*** ***barred word*** ***barred word***.. YET NPP IS SHIELDING THEM.... MEANWHILE MENZGOLD NEVER DEFAULTED EVEN ONCE IN PAYING CUSTOMERS DIVIDENDS BUT BOG TEAMED UP WITH SEC TO CLOSE IT DOWN AND CAUSED PANIC WITHDRAWALS.... WHY ARE YOU TREATING CULPRITS OF 7 COLLAPSED BANKS WITH KID GLOVES YET TEARING OTHERS INTO PIECES... Wait and see 2020 what voters will do to npp..
politization of this Menzgold saga is needless wai. They were asked to continue working but not to accept new customers. And all of a sudden the company ceases to operate. It does not take a genius to know that this was nothing but a ponzi scheme
you have been duped big time . No new customers means no money coming in. The risk was big and so was the returns on investment . Now this is the risk so take it like a risk taker . no bad blood
What does security and exchange commission do. They should leave menzgold alone and tell Gold coast fund management and others, their so-called regulated firms to pay their customers.
stop this ***barred word***. The company has issued a communique. Don't do politics with this and score political points whiles fellow Ghanaians loose their income with foolishness. we are left with one week more to the 4weeks promised. Gyae ***barred word*** no. They have promised we will get our principal back
The NPP government and its surrogates have attempted to paint Menzgold and its customers as very bad in the eyes of the Ghanaian public. The surrogates have been issuing vicious attacks on the company while the government is organizing symposia on PONZI schemes which have labelled Menzgold customers as GREEDY and therefore deserve to lose all their investments. The government needs to be reminded that no condition is permanent. At the appropriate time, the greedy people of Ghana will speak and their decision will be final. God bless our Homeland, Ghana!
with strong institution GH will work again.
Menzgold please dont let us down because the believed in you.