Another Menzgold seige as desperate clients fear Xmas without cash

Another Menzgold seige as desperate clients fear Xmas without cash
Source: Ghana|myjoyonline.com|edwin.appiah@myjoyonline.com
Date: 20-12-2018 Time: 01:12:24:pm

Aggressive and desperate, clients of beleaguered investment firm Menzgold, have mounted another push for the payment of their monies ahead of Christmas.

Scores once again besieged the company’s Dzorwulu office in Accra, a place that has become a scene of haggling between angry clients and desperate security men.

In this latest episode, the once-loyal customers of Menzgold point to another broken promise from Management made in October 2018.

That promise was to pay 5% of locked up investments of clients who register for their new online trading platform, Joy News’ Emefa Dzaradozi reported.

But the customers, she said, took notice of a statement from Menzgold issued December 4, to staff to return to work on December 20, after they were all asked to proceed on leave.

The company promised the staff that “all outstanding entitlements, including end of year packages, shall be fully disbursed”.

Taking a cue from this, the customers also besieged the re-opened premises sensing the return of the staff could mean an opportunity to claim their investments.

But with at least 10 police officers stationed at the premises, beefed up security eclipsed their hopes of getting Management to respond to their concerns.

No staff turned up and the office remained closed, the reporter observed.

Thursday’s siege is one of several incidents since Menzgold was in September, ordered by the Securities and Exchange Commission to shut down its gold trading business citing lack of licence.

After weeks of uncertainty, the company in October, promised to pay and return the full value of the gold collectibles within 90 days.

It said customers no longer interested in dealing with the company are free to terminate after January 9, 2019.

Anxious customers including pensioners, politicians, pastors, senior security officials and bankers, have been told by the company that they cannot retrieve their capital but can expect dividend payments.

Related image

The customers in November 2018, grabbed media headlines after they escalated their pickets to a demonstration in Accra.


Menzgold invites those with gold collectibles to deposit it at their vault with a mouth-watering promise of at least 7.5% returns monthly.

In effect, within a year, a client could make 90% returns on investments and at most 120%, a promise which SEC believes is – in the least – risky.