Latest news on Menzgold Ghana 2018 - crisis, big plans and payment issues

Latest news on Menzgold Ghana 2018 - crisis, big plans and payment issues

The latest news on Menzgold reveals that the company closed its operations on 5th October 2018. Not to worry though, the company promises to sort out all complaints from customers by making the necessary payments. Unfortunately, there may be several payment rescheduling apart from what happened on 3rd October. The need to readjust the payment date comes amidst claims that Menzgold’s staff are being threatened by some of the angered customers. This is what the company said in a promise to review the dates by 8th October.

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The crisis at Menzgold had a lot of customers fuming because the company kept rescheduling the payment date. Angry customers felt that the company was not being truthful and kept tossing them instead of providing accurate information. Many wanted to know exactly what was happening with their dividends and why the company kept moving them round.

READ ALSO: We are young, correct us when we go wrong – NAM1 begs SEC, BoG

Menzgold news update

The latest news on Menzgold company in Ghana is that the company was having issues releasing funds because of SEC. The company, in a statement said that it was impossible to pay customers their dividends on investments made since the SEC had taken certain actions against the company. The Menzgold latest news today statement read as follows:

“The gold collectibles offered for trade by patrons of our gold vault market product are subject to our quality controls and traded for profit which is shared as an extra value with the product owner or trader. Any act, order or instruction, therefore, designed or decreed to forbid Menzgold from trading makes it impossible to generate any revenue whatsoever out of which extra values are charged and paid to those entitled."

However, SEC came out to refute these claims saying that its directive to Menzgold, suspending its trading operations, was not to be a hindrance to their paying of customers. In fact, according to SEC, Menzgold has not yet supplied the adequate information needed after the suspension order was given. This Menzgold news today is something that is likely to worry more customers since it appears as though Menzgold is not straightforward.

Is Menzgold still operating?

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Following the Menzgold Ghana news, on the status of the company, it is clear that things are not quite right. After the SEC(Security and Exchange Commission) asked Menzgold company to halt its trading operations, trouble started as the company failed to pay out dividends to customers for their investments.

A few days later, the company hired a law firm form the UK known as Baker & McKenzie LLP in a bid to counter the SEC after suspending its operations on a temporary basis. This was a strategy on the way forward. This was to be their latest move that would give a sigh of relief to customers as the company filed law suits against the Bank of Ghana and the SEC. These suits are meant to stop the two institutions from negatively impacting its operations through their interference. Menzgold is one of the companies that wants the two institutions to quit releasing publications of statements that work against their business.

READ ALSO: NAM1 is back on Twitter after a long hibernation

Menzgold boss makes a statement

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Going by the latest news on Menzgold Ghana, in a different move, the CEO of Menzgold company made an appeal to SEC and the BoG to be patient with Menzgold. In fact he called for gentle correction and direction as the company was still young. Appiah Mensah believes that stern action will only curtail the performance of the company in international markets and make it less competitive. The CEO expressed his readiness to fully follow the directives of the two State organizations. He said this on an interview of Zylofon FM on a Monday morning. His statement is as follows.

“I can’t say Bank of Ghana or the Securities and Exchange Commission has done us evil. We are a young company, we expect them to correct us when we go wrong so that we can be strong and do better at the international stage. All hope is not lost. We will continue to solve the problem. We will not do what they ask us not to do. We will ensure we comply with everything they ask us to do. We keep pleading with authorities. I won’t say we are perfect, but if we have made any mistake, I believe some punitive measures will be on order. We will are ready to take corrections and resolve this issue.”

He went further to express his optimism on how the company would bounce back even if it took long. His is the hope that the company would perform better than it has in the last five years once the issues are resolved through dialogue.

READ ALSO: Menzgold will not exist again - Deputy Finance Minister

CEO calls for patience

With this regard, Menzgold news 2018 reveals that the CEO requests the company’s customers to exercise some patience as they try to resolve the issues. He said that the company was on its way towards attaining normalcy as far as its operations are concerned. He urged the clients to consider the online move to facilitate the prompt payment of their monies. He further pleaded with them not to abandon Menzgold when it was at its hardest place since it had tried their best but things were hard. This came amidst threats from customers that they would take to the streets for a demonstration demanding their money back.

With the latest news on Menzgold not very promising, a good number of customers feel unsafe. Fortunately, the company, through the CEO has come out clear and apologized for their behavior before. They have accepted that there are challenges and that they are working on resolving them. The hope that the company will be back on its feet fully is something that should gladden the heart of many of its customers.

READ ALSO: Customers flatly reject payment plan proposed by Menzgold

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Source: Yen.com.gh

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