Some aggrieved customers of Menzgold Ghana Limited have given the gold-trading firm a four-week ultimatum to pay 50 per cent of their total principal or face their wrath.
According to the angry customers, they will not wait till the 90 days promised by Menzgold for their principal.
At a press conference in Accra, the leader of the disgruntled customers, Kenneth Nimo said the book runners of Menzgold acted irresponsibly when they dragged the Bank of Ghana (BoG) and the Securities Exchange Commission (SEC) to court on the matter.
They want managers of Menzgold to iron out their differences with the central bank and SEC.
Mr Nimo said: “We encourage every client of Menzgold to join our ranks, as a united front is the only way to ensure fruitful closure to our concerns. Menzgold has since the 12 of September relinquished on its obligation towards its customers.
“We wish to state that in spite of the many challenges of the company with regulators in the past month, we have remained calm and confident in their ability to effectively engage with regulators and bring closure to ensure the revival of their operations.
“However, Menzgold, instead of utilising this sterling opportunity provided by SEC and BoG to regularise the activities, has resulted to the law court seeking perpetual injunction against any interference in their operations. We state categorically that that smacks of irresponsibility and insensitivity to the plight of its clients who have stood by them in these hard times”.
According to the angry customers, “In addition to relinquishing its obligation to regularise its operations”, Menzgold “has also dislodged its responsibility to its clients and resulted to impulsion, ridiculous, hardly coherent directives on its powerless clients.
“They have unilaterally scrapped the payment of dividends…
“We wish to employ this medium to reiterate that clients of Menzgold will not be taken for granted; we will commit our energy to the just cause of retrieving the hard-earned investment with Menzgold.
“We encourage Menzgold to engage the two regulatory bodies in a healthy non-combative way in its own interest, as such is the surest way to [ending] the current impasse to ensure confidence in their operations.
“However, should Menzgold continue on it path to war with the said agencies, we don’t have a problem with that; however, if it does so as a corporate body, it cannot hold its clients hostage should they wish to opt out of the scheme.
“We demand that Menzgold kick into action with immediate effect to pay matured investment and terminations if its operations have been dislodged and its clients can expect no extra value. We do not subscribe to the prolong period of 90 days stated in Menzgold’s latest communication, as the company has not adhered to such guidelines in the past period.
“We are even more concerned about the time line strategy, as the company in the past few days rebranded its official vehicles, laid off staff, and is likely to vacate their offices in the coming weeks. We recognise the difficulty Menzgold faces should they attempt to pay all customers at a go.
The aggrieved Menzgold clients say they are giving the company a four-week window within which they expected the firm “to pay 50 per cent of gold traded to all customers and pay the rest of that amount until the 90 days are due.”
Source: Class FM
