Menzgold Announces 60% Of Customers Are Ineligible For Payment After Validation Process, Cites Many Defects

• Menzgold has said in a statement that only 40% of the payment claims submitted by its customers have checked out
• The statement issued by CEO Nana Appiah Mensah said that the unsuccessful 60% of customers whose claims failed validation submitted documents with defects
• The statement further announced agents and contact numbers that customers who fall under the 60% can call for PIN numbers to validate the claims themselves

Defunct gold trading company Menzgold has announced plans to finalise payment of claims submitted by its customers but says 60% of them failed its validation for claims authenticity.

A statement by Menzgold CEO Nana Appiah Mensah (aka NAM1) said there were many defects with the claims submitted by some of the customers.

The statement mentioned "fake authorised signatures," and "fake supporting documents" among the 10 defects identified with the claims submitted by customers.

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Below is a full list of the defects Menzgold said it identified during the validation process:

1. Irregularities or inconsistencies of the records on the face of the documents

2. Fake (fraudulent) supporting documents

3. Fake authorised signatures and/or official transactions endorsement stamps

4. Transactions that [have] exhausted 12 months cycle. Having earned over 100% extra value.

5. False claims (Misrepresentations)

6. Illegitimate claimant

7. Inadequate/incomplete claim supporting documents

8. Internally schemed and concerted transaction

9. Non-existent (fabricated) transaction

10. Transactions not approved by an Authorized Menzgold official

Customers of the defunct gold trading company were asked via a July 30 statement to submit supporting documents for validation to facilitate payments of the locked-up cash.

However, per the latest communication from Menzgold, only 40% of the claims submitted passed validation.

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Meanwhile, the three-page statement also urged customers who feel their claims are genuine to verify their gold trading transaction status.

“We entreat confident customers to acquire a 'Menzgold Traders Transactions Status Verification Access Card', from Payboy Company Limited and/or any of its underlisted agents for a Personal Identification Number (PIN), to be utilized to digitally verify one’s transaction claim eligibility or otherwise,” the statement signed by the CEO said.

This is not the first time Menzgold is publicising alleged payments of its customers. In 2022, the defunct firm released the names and account numbers of customers it intends to pay fully.

Menzgold's problems started in October 2018 when the Security and Exchanges Commission (SEC) shut down its operations on suspicion of malfeasance.

Lawyer Srem-Sai says Cecilia Dapaah may have breached foreign exchange laws

Meanwhile, YEN.com.gh reported in a separate story that private legal practitioner Justice Srem-Sai has said that the issues unfolding in the Cecilia Dapaah case bring up critical legal and governance issues.

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He told YEN.com.gh in an exclusive interview that the former minister could be charged under the Foreign Exchange Act because of the huge forex found at her residence.

Srem-Sai added that the embattled former minister faces criminal prosecution if the ongoing investigations by the Special Prosecutor make any adverse findings.

Source: YEN.com.gh