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General News of Thursday, 19 December 2019

Source: Class FM

Menzgold to pay clients in 36 months beginning next week


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Embattled gold dealership firm, Menzgold, will from next week 27 December 2019, begin paying clients their investments that have been locked up for some time now.

“Payments start on Friday, 27th December 2019 with funds at hand now, as we proceed to go recover the debt owed Menzgold overseas, especially in Dubai and Europe to come to reinforce as payments sessions continue”, the company said in a statement.

Claims shall, however, be settled in full and shall be subject to an invitation from its legal team, adding “unlimited, strictly following the below indicated scheduled hierarchical order, all to be settled within 36 months starting from December 2019.”

The statement noted that payments will be based on a formula and scheduled, saying, “Payments shall be made strictly following a 'reverse mechanism', which implies from the last day (month) of our business operations to the very first day when our business commenced. Thus; from 12th September 2018 to 18th March, 2013.”

To this end, Menzgold shall start to settle all investors' transactions in September 2018 and those who did not access any extra values.

Menzgold said it is committed to settle all claims in not more than 36 months, as it follows strictly the “reverse payment mechanism”, in its firm resolve to amicably and peaceful reverse all transactions or contracts, to achieve cordial co-existence and harmony.

Menzgold, however, expressed worry that its assets remain frozen, implying that “we cannot access any of our offices nationwide, credit or debit any bank account in Ghana. In view of these constraints, our lawyers shall agree with claimants upon invitation, as to where and how to legally receive payment.”

Menzgold called on its customers to cooperate with them to ensure the preservation of the integrity of tyhe exercise and its smooth sustenance, in order to avoid interruption and its abortion.

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