Menzgold To Pay Customers By Using A ‘Reverse Mechanism’


Troubled gold dealership firm, Menzgold Ghana Limited says it will from Friday, December 27, 2019, begin paying customers whose locked up funds have been in arrears for the past three years.

The company since its collapse in 2018 following a suspension order from the Securities and Exchange Commission (SEC) has been struggling to refund monies invested by the customers.

In a statement issued on Wednesday, the company explained what it termed as a ‘reverse mechanism’ as the payment plan and formula to be used for the monies to be disbursed.

“Payments shall be made strictly following a ‘reverse mechanism’ which implies from the last day (month) of our business operations to the very day when our business commenced. Thus from 12th September 2019 to 18th March 2013. To this end, we shall start to settle all transactions in September 2019 and those who didn’t access extra values as we proceed in the first above described mode and manner.”

Management also assured that it is in the process of retrieving debts owed the company to shore up funds in other to pay its customers.

It said all claims will be paid strictly according to the payment schedule and urged customers to follow through with the directive to ensure that they are settled in a chaos-free manner.

“Payments start on Friday 27th December 2019 with funds at hand now as we proceed to recover the debt owed Menzgold overseas, especially in Dubai and Europe to come to reinforce as payments sessions continue.
Claims shall be settled in full and shall be subject to an invitation from our legal team; Kwame Akuffo & Co.”

“Unlimited, strictly following the below indicated scheduled hierarchical order, all to be settled within 36 months starting from December 2019. We shall endeavor to commit not more than thirty-six (36) months to settle all claims, as we follow strictly all reverse all transactions or contracts as formed, to achieve cordial co-existence and harmony.”

Below is a copy of the full statement:

source: citinewsroom