The customers of MenzGold have for the past six months, been demanding the payment of their principal investments after the gold dealership company was instructed by the Securities and Exchange Commission to halt their gold trading operations with the public. The company was cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”
Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC). Despite signs that the company may not be able to conveniently pay them their locked up monies, the customers say their protest is to impress upon them to release the funds to them. In 2018, Over two hundred customers of Menzgold besieged the premises of the company’s head office at Dzorwulu to demand payment of their locked up investments.
Previous efforts by the customers targeted at the company have failed to yield any positive results.
Some aggrieved customers of Menzgold Ghana Limited are staging another demonstration in the Ashanti Region capital, Kumasi today [Tuesday].
On December 19, some 100 retired and active Police Officers at the Kasoa Divisional Police Command in the Central Region also filed a writ at the Accra High Court against the company.
According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission. The Police in a statement copied to citinewsroom.com said the group had failed to procedurally inform the police about their action in advance.