Defunct Menzgold introduces online verification process for indebted claims

Defunct gold trading company, Menzgold has said it has taken a significant step toward addressing the pending claims of its clients through a digital verification process.

In a statement dated August 9, 2023, Menzgold revealed its intention to bring closure to the longstanding gridlock surrounding the gold trading indebted claims.

The statement emphasised the company's commitment to resolving the situation and highlighted key details for clients seeking to ascertain the eligibility of their claims.

“With respect to the gold trading indebted claims brought fought and its thorough scrutiny (validations) undertaken, we urge all to take note of the following in our unflinching resolve to finally bring closure to this unfortunate gridlock,” part of the statement read.

The company also acknowledged that a significant portion of the claims submitted so far were found to be ineligible due to various defects.

These issues, according to them, prompted the company to implement a digital verification process to ensure transparency, adherence to privacy regulations, and data protection laws.

“Unfortunately, over sixty percent of the total claims received were sadly not eligible, thus invalid as the purported claims are plagued by one or several defects.

“Based on the above, it’s important for clients who believe they have honest, genuine and eligible claims to proceed to verify their gold trading transaction status, thus; ascertain as to the validity or otherwise of the purported transactions and hence, an eligibility or ineligibility of any claim whatsoever,” the statement continued.

To facilitate the verification process and at the same time adhere to data protection, Menzgold, noted that its established digital platform has been made accessible to its clients.

“In adherence to our contractual obligations, data protection laws and general regulations, privacy and electronic communication regulations and consumers’ rights amongst others, which collectively forms our company’s privacy policy, we have had to digitally publish the validated report/results on the web at; https://www.payboy.com with a restricted access, accessible only to entitled Traders/clients. We are unable to set up satellite offices globally for physical interactions in regard to this undertaken, as such an endeavour possesses major economic and security threats to our organization based on thorough assessment. Hence, resorting to the digital front as the most ideal means.”

Also, for customers confident in the validity of their claims, Menzgold added that it has included the Menzgold Traders Transaction Status Verification Access Card to facilitate the process and claims.

“We entreat confident customers to acquire a ‘Menzgold Traders Transaction Status Verification Access card’ from the Payboy Company Limited and/or any of its underlisted agents for a Personal Identification Number (PIN)
, to be utilized verify one’s transaction claim eligibility or otherwise,” the stamen included.

Below is the full statement of Menzgold

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NW/DAG