After the hue and cry with some of its customers losing their lives due to the psychological trauma, they went through following its clash with regulatory bodies that brought the then fast-rising business to its knees, Menzogold has commenced processes to pay some of its customers.
The company has assured its disgruntled customers that it will commence payment today, December 20 2021.
This is not the first time the company has tried to settle its customers whose funds with the company were locked up due to regulatory issues, but on all the previous occasions, they could not fulfil that promise.
In a statement, the defunct firm published names of 181 customers who are scheduled to be paid between today and June next year.
The company said they have been advised by the Police to pay electronically to avoid chaos and the possibility of spreading Covid-19.
“With due regards to the above basis, respect for authority and as law-abiding patriotic citizens, our company consequently shall proceed to achieve the same payments objective by resorting to direct bank deposits, as we happily commence our final payments phase spanning from the 20th December 2021 to 30th, June 2022, starting with the following vetted creditors outlined,” a statement by the company said.
During the banking sector cleanup in Ghana, about GH¢200 million of depositors cash is believed to be held up at the collapsed gold dealership firm Menzgold.
The company then seized operations last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.
The Commission explained that, Menzgold did not have the license to trade in gold collectables and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).
this directive is believed to have caused the company to fold up.
In a media briefing on Wednesday, the PRO of the Coalition of aggrieved Menzgold Customers, Fred Forson reiterated their resolve to retrieve their locked up cash from Menzgold.
“We want to hear from NAM1, we have supported him all this while and it is time we hear from him…we want to demand from the CID that we want to meet Nana Appiah Mensah in person. Wherever he is, he needs to address us as leaders of Menzgold customers.
“If it is not a deliberate attempt on the part of the government to shield and protect Nana Appiah Mensah to loot and create and share our investments, then this is the time that the government should be transparent…and let us know what is happening with our investments.”