Customers of Gold dealership firm Menzgold Company Limited have rejected the company’s new trading product.
Menzgold, in a statement, said it will resume full operations on or before 5 November 2018, with the launch of a new gold/collectibles trading product that would make it possible for existing transactions to be migrated unto that platform for immediate and prompt extra value and principal payments.
Reacting to this, the leader and spokesperson of Class Action Group, a group of aggrieved clients of Menzgold, Lewis Pendragon, said they are not interested in any new product from Menzgold.
He told Moro Awudu on the Executive Breakfast Show (EBS) on Class91.3FM on Monday, 29 October 2018 that: “I’m not interested and I’m not sure anybody will be interested for the simple reason that if I can meet you face-to-face and you are not honest, why would I want to meet you at a distance?”
The company has been unable to pay its clients their dividends due to an ongoing battle with the Securities and Exchange Commission (SEC) and the Bank of Ghana over its operations. While the state institutions say the company has not been licensed to take deposits, Menzgold insists it does not take deposits and does not answer to the two institutions.
Some clients who have not been able to access their dividends, are seeking to terminate their contract with the company while others have hinted at dragging Menzgold to court.
Meanwhile, Menzgold said it will, from 9 November 2018, pay 15 per cent of the principal investments to its clients.
The company will send the clients direct messages to that end and make the payments into their bank accounts.
Some customers who called into the EBS rejected the 15 per cent as proposed by the company and threatened to seek redress in court.
Source: classfmonline.com
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Ns3m piiiiiii
I sympathize with your ignorance that you haven't heard or seen any business under the sun that generates 10% in a month. If you don't have anything good to say about the clients of Menzgold, I pray you keep mute and allow them to fight for a worthy cause for it shall be well with them. Mind your own business.
All customers of Menzgold knew very well that it was a very risky venture. In fact, they knew they were gambling with their money. Some had passed through similar experiences like Pyram, R5, DKM, etc. Those who didn't know about the old Ponzi scheme had heard about it. In reality, how in Earth or what business can anybody under the sun generate an interest of 10 percent in a month. This is unrealistic. Yet, people singing all kinds of slogans eg "Would soro a, wonndi" etc took such an impossible risk to enjoy. Now that the tables have turned, they are now facing the truth of the scheme. With this scheme of greed, each person tend to think he is faster than the other and wants to take advantage of the scheme to make more money before it collapses. The unfortunate ones now see their "last". Now asking for their principal. Hmmm. Let's see what happens.