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No 50% payment for clients – Menzgold

Gold-dealing firm, MenzGold Ghana Limited, has denied reports that it will pay back half of the principal invested by clients into the gold business.

A statement about the alleged decision by the embattled company to pay 50% of clients’ principal went viral on social media on Wednesday, 3 October 2018.

The fake statement said the payment will be made to only customers whose deposits were made before 13 September 2018 and wish to stop doing business with the gold-trading firm. The remaining 50%, according to the statement, would be paid later.

But Menzgold, in a statement, said it has not issued any media release on the subject matter and, therefore, urged the public to ignore the publication.

The company has, however, began paying returns to its customers.

MenzGold has filed a suit against the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) for interfering with its Gold Vault Market operations.

In the suit filed at the High Court, Menzgold is seeking “an order of perpetual injunction to restrain the Bank of Ghana and Securities and Exchange Commission, its officers, servants and agents from interfering with Menzgold’s business activities or further acts of disobedience and non-compliance with the law by publishing any derogatory notices.”

The gold-trading firm is also seeking a declaration that its “business does not fall within the present legislated scope of the Banks and Specialised Deposit -Taking Institutions Act 2016 (Act 930)”.

Additionally, MenzGold wants a declaration its “business activities does not fall within the present legislated scope of the Security Industry Act 2016 (Act 929)”.

The BoG recently threw its weight behind SEC for shutting down Menzgold’s Gold Vault Market operations over certain regulatory infractions, a situation which the legal advisor to MenzGold, Kwame Akuffo, said smacked of unfairness.

In a recent press interaction, the central bank, which in the past issued several warnings to the public against dealing with MenzGold, said it endorses SEC’s move.

Source: Ghana/

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