Angry Menzgold customers to stage nationwide demonstration

Magdalene Teiko Larnyoh 11:05 - 24 October 2018

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The spokesperson of the group calling itself, ‘Aggrieved Menzgold Customers’, Timothy Binob, said they are yet to fix the exact date but will announce it at a press conference next week.

Customers of gold dealership company, Menzgold Ghana Limited, have said that they will embark on a nationwide demonstration by the end of October 2018.

The demonstration is to express their unhappiness over Menzgold’s failure to pay them the extra value on their investments as promised earlier.

Mr. Binob explained that the customers all over the country are expected to take part in the demonstration.

“It is a nationwide demonstration, and Tarkwa and Kumasi will all be part. So we are liaising with them and all of them will also come with their buses. We will convey a press conference very soon maybe at the end of this week so we announce the date of the demonstration.”

“We have been promised by the firm and for several times they have not fulfilled their promises. They gave us a four week period to come on out with a percentage they will be paying, but none of the customers have received anything. No customers have received any money; not even a single one.”

The aggrieved customers have demanded a fifty percent refund within four weeks, but Menzgold says it may be able to pay only a portion of what is being demanded.

Earlier on in a statement signed by the Head of Communications of the company, Nii Amarh Amartefio it stated that customers who wish to terminate their investment transaction will receive a full payment of their investment in 90 days if the ongoing misunderstanding with statutory institutions is resolved.

Meanwhile, a customer of Menzgold, who is a Reverend Minister has sued the firm for breach of contract and misrepresentation.

But Menzgold has blamed its inability to pay dividends on the action taken against it by the SEC.

“The gold collectibles offered for trade by patrons of our gold vault market product are subject to our quality controls and traded for profit which is shared as an extra value with the product owner or trader. Any act, order or instruction, therefore, designed or decreed to forbid Menzgold from trading makes it impossible to generate any revenue whatsoever out of which extra values are charged and paid to those entitled,” Menzgold said in a statement dated September 25, 2018.

However, the SEC did not agree with Menzgold’s position. It argued that its action did not stop them from paying customers returns on already existing investments.