The woes of embattled gold collectibles dealership firm, Menzgold Ghana Limited, appear to be far from over, as customers of the company have reportedly rejected a proposed 15 percent initial payment on their principal.
Board of the embattled Menzgold proposed the 15 percent payment during a meeting with customers and other key stakeholders of the company over the weekend at Zylofon Cash Office to address some pertinent issues.
About nine interest groups and investors of Menzgold, DAILY GUIDE understands, attended the said meeting, which started around 4:15pm and ended at about 6:35pm.
The meeting was said to have been chaired by Nana Offei, Corporate Affairs Manager, with support from Shadrack Fordjour, Marketing Manager, Administration and Clive Ofosuhene, IT Manager.
“In deep consultations with the Board, operations and management, the company has decided to give 15% initial payment to all customers who wish to terminate their contract,” Mr. Offei was quoted as saying.
The paper gathered that the proposed 15 percent was to be paid by 9th November, 2018.
That schedule was when a one-month agreement between Menzgold and its clients would have been due.
However, the 15 percent proposed payment was said to have been flatly rejected by about 80 percent of the customers, who were apparently peeved with the way in which management of the company was handling their investments.
Accordingly, leaders of the various stakeholder groups had reportedly attempted to negotiate for 20 percent to 25 percent payment but that also was not successful.
It is unclear whether the 20 percent or 25 percent did not go down well with management of Menzgold or some stakeholders.
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Meanwhile, as the customers appear desperate to retrieve their monies from the company, Mr. Offei is rather encouraging them to continue doing business with the collectibles firm by migrating onto its online platform, which is scheduled to be launched on 5th November.
It would be recalled that the Securities Exchange Commission (SEC) 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 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 business of assaying and purchasing gold from small-scale miners and export of gold.”
Source: Daily Guide
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As of now, customers of Menzgold have no trust in the Government, BoG, SEC and the Ghanaian populace. BoG and SEC closed down the company and left the customers to their fate. The government has since been very silent. The Ghanaian populace then stigmatized the customers as GRREEDY. Our only hope is in the Almighty God and the one who has assured us our investments are safe and is prepared to do business with us. Nana Appiah Mensah, God bless you for all the efforts you are making to bring Menzgold back to life. We believe that with the help of God Menzgold will work again!
Nam 1 can keep the monies and play around and eventually walk free, which is obvious. This is Africa many of such scams have happened and the perpetrators have walked away enjoying others people hard earned money. for those saying the customers were greedy are fooolish ans shallow minded who in this world is not greedy. Greed has many variations and many interpretations is human nature. But Nam 1 i can assure him he will not chop my money someday i will get him to pay up through any possible means available he can run but cannot hide i assure him that. I dont believe in attacking his family or associates but him alone there are so many ways to kill the cat. Interestingly my investment is 30,000, but i will cause him the greatest pain in his life. He should watch out and do the right thing. Time will tell.
NAM 1 Come again, the mode of refund is not fair. some have enjoyed the 10% +- margin over the past 4 years that you have been operating and others are yet to take their first profit. stagger the percentages (payments) according to the number times that the person has enjoyed the profit, by so doing you would be able to pay over 50% of the principal of those who have not realised a significant amount of profit, you can then postpone payment for those who have been with the scheme and have been withdrawing their profit over a period of 12 to 15 Months and beyond.
And who said those who sent their monies there know God. Since when did you realize that the guy does not know God. After your huge 120% profits ?
Abiba, that was a fantastic write up by you.But i am wondering what shall it profit a man if he/she intentionally send his money to be doubled when the signs were clear on the wall yet he /she enjoyed unfortunate and outrageous profit earlier ?
Everybody is talking about you. Even your own workers monies have been locked up with you. Your actions have ruin people's life. Come and see the problems you have created for some households. What will it profit a man if you have the whole world and do not know God