Menzgold starts paying angry customers after long delay and public outcry

Menzgold starts paying angry customers after long delay and public outcry

After a protracted period of public engagements and disagreement between embattled firm Menzgold Ghana Limited and its customers, the company has reportedly started paying the initial percentage to its customers.

The Daily Guide reports that Menzgold has paid off about 30% its clients who are said to have contacted the company looking to terminate their contracts. The process has been described as smooth so far.

The amounts given to the said clients are reported to have been based on agreed percentages.

YEN.com.gh earlier reported that Menzgold Ghana Limited 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.

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Menzgold

Menzgold has been under serious public scrutiny following government inquest into the company's business.

If the information from Menzgold about settling 30% of its clientele is anything to go by, it would mean majority of customers kept faith with the firm and opted not to terminate their contracts.

Menzgold gave its customers the option to cancel their contracts or continue to do business with it during the company’s stand-off with government over licensing.

The Securities and Exchange Commission (SEC) of Ghana moved to close down the operations of Menzgold Ghana Limited with regards to taking deposits for gold investments.

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There had previously existed certain areas of misunderstanding in the operations of Menzgold and the Bank of Ghana had even warned Ghanaians against patronising the offers of Menzgold.

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Source: Yen.com.gh

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