In a petition to Parliament, Menzgold is pleading with the House to particularly intervene in the impasse between it and the Securities and Exchange Commission (SEC) which, the company claimed has caused delays in paying its customers interest on their investments.
Thousands of Menzgold customers across the country have since August this year been struggling to retrieve their funds as the company has consistently failed to meet its own deadline of paying the monies.
The company claimed in the petition to the Finance Committee of Parliament that the complete shutdown of its gold collectible vault by SEC has “caused a lot of serious challenges for the company and its customers [both local and foreign]”.
It thus want parliament to “intervene and help resolve this matter amicably”.
Menzgold has consequently proposed to the House to consider a comprehensive payment plan to help it pay off completely, all customers who wish to discontinue their trading of gold collectibles.
Also, to withhold gold collectibles trading operations for three months in order for the firm to re-organise and restructure its corporate operations as well as revise the business module and review the percentage offering on its gold collectible trade.