Finance

Payboy ends contract with Menzgold over arrest of officials

Following the arrest of some of its officials on Wednesday, May 27, 2020, Payboy Company Limited says it has terminated its agreement with Menzgold to facilitate the payment of its customers.

In a statement, the management of Payboy said “We have indicated to Menzgold Ghana Company Limited our decision to opt out of the ‘Payment Facilitation Agreement’ we signed on the 7th February, 2020. Amongst others, we indicated that we would NOT admit any Menzgold Customer at our premises on the basis of negotiating and facilitating mutually acceptable payment mode or manner for the indebted client.”

On Friday, the Economic and Organised Crime Unit announced it had arrested some officials of Payboy Company Limited indicating that the company was operating without the requisite licenses from either the Bank of Ghana or the Securities and Exchanges Commission.

Menzgold appointed Payboy as a third-party entity to negotiate the settlement with the thousands of customers of the failed gold dealership firm.

Menzgold said in a statement at the time that the company will negotiate and facilitate the payment of the investment of its customers whose investments are still locked up.

The Bank of Ghana collaborated with other regulatory agencies to pull the brakes on the activities of Menzgold some two years ago over regulatory issues, bringing to an end what many say was a Ponzi scheme.

It is estimated that the failed gold dealership firm owes up to $42 million in accrued investments and principals.

Read the full statement by Payboy Company Limited below.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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