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Business News of Friday, 8 October 2021


‘You will receive your locked-up funds in December’ – Menzgold

Embattled gold dearlership firm, Menzgold play videoEmbattled gold dearlership firm, Menzgold

Menzgold has set out to pay its aggrieved customers in December this year

• The gold dealership firm was ordered by the SEC to shut down in 2018

• CEO of Menzgold has been in court over his operations

Embattled Gold dealership firm, Menzgold has announced it will from December this year commence paying the locked-up funds of its aggrieved customers.

A statement issued by the company said the move is to bring ‘closure’ to the long-standing issue of non-payment of customers' funds.

“We strive to complete the final phase of our audit endeavours and shall proceed to fully publish the following in the print and digital new media; List of all paid traders/transactors paid so far. List of all final eligible traders/transactions as well as the total sum of indebtedness by Menzgold Ghana Co. Limited.”

Menzgold shall proceed to pay the final publicized list and total sum from the 20th December, 2021 to 30th June, 2022 in our quest to give final closure to this very depressing matter and to restore our dear enviable Company’s integrity,” Menzgold said in a statement.

Menzgold however pointed that claims made by some customers have been found to be fraudulent.

“Additionally, we have discovered shocking evidence that points to the fact that, some claimants purporting to be indebted to by Menzgold transacted through third parties; some unethical Menzgold and Brew Marketing Consult staff members and in other instances via referrals, mostly close relations who took delivery of their funds under the pretext of signing them unto to the Menzgold “Gold Vault Market” but ended up engaging in the many cryptocurrency products on sale on the Ghanaian market, with a monthly return on investment (ROI) ranging between thirty and sixty percent (30%- 60%).”

“We are commencing the final phase of the audit; this session would be traders/claimants’ interviews to fully ascertain facts and satisfy ourselves with regards to questionable adverse discrepancies and irregularities that characterize some transactions claims received for audit and its subsequent payment. Hence, invitations would be extended to some individuals,” the statement read in part.

Shortly after Menzgold was ordered by the Securities and Exchange Commission to shut down over operating under a false pretext, customers of the defunct firm across the country thronged premises of the company demanding their investments.

The agitated customers also in January 2020, thronged the residence of Chief Executive, Nana Appiah Mensah (NAM1) in protest and demand of their locked-up funds.

While the case is currently before a court, many depositors of the defunct gold dealership are still yet to receive their locked funds.

Read the statement below:

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