Menzgold Company Limited has announced the closure of its gold vault market from September 15 until further notice.
The company assured its clients that the closure will not affect already existing contractual business, and they remain committed to fulfilling those obligations, according to a GraphicOnline.com report.
As explained on their website, the MenzGold Gold Vault Market program “involves a special gold market, where fine gold buy and sell leads are constantly exhibited.
This program makes it possible for traders to earn extra value or make profit on their gold in vault, with regards to the sales transactions on the market daily, weekly, monthly or annually as the program involves continuous sales, a cycle of sales and re-stock until one decides to quit or terminate the cycle."
The notice of the closure follows the Bank of Ghana’s announcement that the investment company was not licensed to accept monetary deposits from clients.
Dr. Johnson Asiamah, the Second Deputy Governor of the Bank of Ghana appeared before the Public Accounts Committee and stated Menzgold was not approved by the Central Bank to accept deposits, hence any such action is against the bank's regulations.
However, in a statement released to the media, the company denied that it accepted deposits from its clients.
Menzgold maintained they are a legal company, and they focus on their gold purchases which is the part of their investment market products.
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