MenzGold Assures Release Of Cash Locked Up
The Chief Executive of gold dealership firm, Menzgold Ghana Limited has urged clients to remain calm as the company works to pay them their returns.
Nana Appiah Mensah wrote on his Twitter account Saturday that the embattled company has a brand to protect and will settle all entitlements due clients.
Nana Appiah Mensah
“I humbly urge all Menzgold clients to kindly remain calm, as we prepare to COMPLETELY SETTLE all entitlements of any magnitude soon. We've got brands & names to protect. Self-restraint now is critical to maintain public peace & order. All is well,” he wrote.
The company has come under fire recently after years of battle with state agencies for the controversial nature of its operations.
According to the Securities and Exchanges Commission (SEC), Menzgold is licensed only to buy gold from small-scale miners and export same.
The company is however not permitted to buy/sell gold collectibles from the public neither does its license permit it to engage in its gold vault dealings.
Read: Revealed: Menzgold not licenced to sell, trade gold locally
The Bank of Ghana has also described the company’s dealings as deposit-taking , which it isn’t licensed to do and has constantly warned the public not to deal with the firm.
Read: I’m sorry BoG; Menzgold boss eats humble pie
Recently, Menzgold has constantly postponed payments of returns to its investors, sparking panic and concern among them.
The company was scheduled to pay some of its customers on October 5, but Joy News checks revealed that their offices remained closed.
Read: Attack from clients forced shut down – Menzgold
“There are notices on the building indicating that they have ceased operations until further notice,” Joy News’ Emmanuel Dzivenu reported.
The company noted that fear of attacks from some of the clients forced them to close the offices.