Menzgold extends suspension of gold vault services to September 28

Menzgold extends suspension of gold vault services to September 28

- Menzgold Ghana Limited has extended its deadline on their suspension of gold vault operations

- The new date has been set for September 28 after an earlier September 19 date was set

- This follows issues the gold outfit is having with the Securities and Exchange Commission (SEC)

The operations of gold dealership firm, Menzgold, remains closed to the public after the suspension of the company’s Gold Vault Market services was extended to September 28, YEN.com.gh has learnt.

The company, in a press statement issued in Accra on Tuesday, revealed the new date and urged customers to be patient. The company stated that its dividends payment and Gold Vault Market services remained suspended until September 28.

Last week, YEN.com.gh reported that Menzgold was directed by the Securities and Exchange Commission (SEC) to shut down its gold trading activities.

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The outfit, however, reportedly called the bluff of SEC and gave reasons why it was not going to shut down.

Nana Appiah Mensah, in reacting to the issue, revealed that he was also a Ghanaian and had to be treated as such.

The issue, however, led to the gold outfit suspending its activities till September 19 and assuring its loyal clients of getting back on track earlier or latest by that date.

The directive from SEC came just a few weeks after several disagreements between Menzgold and the Bank of Ghana (BoG) over the former’s operations.

The latest standoff with SEC reportedly triggered mass panic withdrawals from the firm, with customers besieging Menzgold’s East Legon office last Wednesday to demand their deposits, which led to the manhandling of some members of the media by staff of the company.

The gold dealership firm subsequently bowed to the demands of SEC by suspending its gold trading activities, but assured that its operations wouldd be open to the public on Wednesday [September 19, 2018].

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The fresh statement from Menzgold, extending the suspension of its Gold Vault Market services, following an inconclusive meeting with SEC, is set to now leave its customers disappointed.

“Following our correspondence with the Securities and Exchange Commission (SEC), we regret to advice that the Gold Vault Market product will continue to be suspended until the September 28, 2018 to enable us reach a useful conclusion with the Securities and Exchange Commission (SEC)," the statement said

“The inconvenience, caused by factors beyond our control is deeply regretted,” the statement added.

Some award-winning celebrities, including Stonebwoy, Okyeame Kwame, Benedicta Gafah and a host of others, have also urged customers of the outfit to be patient till all issues were resolved.

Some customers of the gold hub have also threatened to go out and demonstrate against any saboteur who wanted to bring the company's operations to a halt.

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Source: Yen.com.gh

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