Defunct gold dealership, Menzgold has changed the payment model of funds to its customers from cash to electronic.

In October this year, the company announced that it will begin paying all its customers their investments from December 20 to June 30, 2022.

As such, customers who claim their monies have been locked up would have to assemble at a designated office to receive their payment.

However, in a statement issued on Sunday, the management said upon the advice of the Police, some changes have been made to the payment model.

“With due regards to the above basis, respect for authority and as law-abiding, patriotic citizens, our company consequently shall proceed to achieve the objective of the same payment by resorting to direct bank deposits, as we happily commence our final payments phase spanning from December 20, 2021, to June 30, 2022,” parts of the statement read.

Listing some 181 customers due to be reimbursed their funds, the management said they will be contacted via telephone by an authorised company representative, with dedicated phone numbers that would be made public to provide their bank details for payments to be made.

“Vetting of all the claims supporting documents received is still very much in progress; shortly after we’re able to successfully complete this very meticulous, systematic, and very important exercise, we shall proceed to publicise all the tallies compiled as indicated in our October 7 2021 publication prior.

“It’s important to also note that, we would keep updating the list of creditors within the indicated payment span when we subject the outstanding claims to our rigorous audit standards.”