Customers turn against Menzgold over delayed interest payments

Customers turn against Menzgold over delayed interest payments
Source: Ghana | Myjoyonline.com | George Nyavor | george.nyavor@myjoyonline.com
Date: 10-10-2018 Time: 07:10:31:pm

Some angry customers of Menzgold are demanding payment of least 50% of accrued interests on their investments in four weeks.

The customers, numbering about 200, are also demanding that the embattled company pay up the rest of the interests on their investments within 90 days.

At a press conference in Accra on Wednesday, one of the conveners of  ‘Aggrieved Traders of Menzgold’, Kenneth Nimo, said members of the group may be forced to take drastic action if the company fails to honour their demands.

He will not state the nature of this action but he promises it will be characterised by “wrath”.

“We demand that Menzgold kicks into action with immediate effect and pay matured investments and terminations if its operations have been dislodged and its clients can expect no extra value [dividend]. We do not subscribe to the prolonged period of 90 days as stated in Menzgold’s latest communication.

“The company has not adhered to such timelines in the past. We are even more concerned that this is nothing more than a time-buying strategy as the company has in the past few days re-branded all its official vehicles, laid off staff and is likely to vacate its offices in the coming weeks,” Mr Nimo said at Wednesday afternoon’s presser.

Giving further details about their demands on Top Story on Joy FM, another convener of the group, Godfred Kofi Ankomah, explained that they have been forced to turn against the gold dealership firm because the company has consistently dealt with them in an unprofessional way.

“The way things are shaping up we think there is something wrong somewhere,” Mr Ankomah told host of Top Story, Evans Mensah, Wednesday.

 Background

Menzgold told its anxious customers on Monday that if they should decide to terminate their engagement with them, they will receive the full amount of their investments in 90-days.

The company explained, however, that it will be able to do this if the ongoing standoff with statutory institutions over the legality of its business operation is resolved.

“Should Menzgold succeed in reaching an amicable resolution with the authorities, customers wishing to continue trading with Menzgold are free to exercise the option of continuing to trade with us. Similarly customers wishing to terminate their business with Menzgold are free to do so and should be rest assured of their full payment in 90-days as stipulated…” a statement released by Menzgold, Monday said.

The statement, according to Menzgold was part of an agreement reached with a section of its customers from across the country at a meeting held on Sunday.

The tango between Menzgold and the Security Exchange Commission (SEC) and the Bank of Ghana (BoG) on one hand and with its customers on the other has gone on for weeks.

The company says the clampdown of SEC and BoG on the legality of its business operations is affecting its ability to deliver on promises it has made to customers.

Share this story




Leave a comment


What others are reading
Asantehene assists to raise funds for Bible translation
Education minister to visit KNUST over violent demonstration
'Feminism is sexist': The women backing Brazil's top politician
When I say Akufo-Addo, say one term – Spio predicts NDC return in record time