- Menzgold Company Limited said it will no longer pay dividends to customers
- A statement from the company said this is because customers are no longer interested in their dividends
- The company said it has reached an agreement with the customers in this regard
Embattled gold dealership firm, Menzgold Ghana Limited, has said it will no longer pay dividends to its customers.
According to the company, it has reached an agreement with the customers to scrap the payment of dividends to them.
The agreement is said to have been reached at a crunch meeting held between Menzgold, representative customers, and stakeholders on October 7, 2018, at Korkdam Hotel in Achimota, Accra, according to a report sighted by YEN.com.gh on Dailyguide.com.
According to a statement released by Menzgold, the dividends would no longer be paid due the current struggle of the company.
The statement added that customers are no longer interested in the dividends, therefore, it thought it wise to scrap the payment all together.
“During the said meeting held around 3 pm, it was generally agreed that due to the challenges faced by the company and the fact that customers are no longer interested in dividends, it was wise to scrap the dividends,” the statement said.
The meeting, held between the board, management of Menzgold and customers numbering over 100 from all branches nationwide, was said to have been chaired by the Board Chairman of Menzgold Ghana Limited, Nana Yaw Offei, Corporate Manager, as well as Menzgold International Consultant.
Since the order by the Securities and Exchange Commission (SEC) ordering Menzgold to halt its operations earlier in September, confusion and aggression have rocked Ghanaians, especially, those who have invested with the company.
YEN.com.gh earlier reported the story of a client who said she was convinced to invest her GH₵24,000 with Menzgold following an assurance that Nana Appiah Mensah, the CEO, had a room full of money to settle clients even if disaster strikes.
However, just few days after she had made that investment, Menzgold was ordered to halt its operations leaving her very disappointed.
In a related development, aggrieved customers of Menzgold have blamed President Akufo-Addo for allegedly having a hand in Menzgold’s “frustration.”
According to them, they were enjoying smooth services with Menzgold until the president and the NPP came to power.
They thus vowed to teach the president a bitter lesson
Meanwhile, the board and management of Menzgold Company Limited conceded that they failed in their communication with customers and have taken immediate measures to address these lapses.
The company has insisted on its assurance that no one will lose a cedi.
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