Menzgold Orders Staff To Proceed On Leave

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Embattled Menzgold Ghana have asked all staff members and branch managers to proceed on leave.

According to the Chief Executive Officer of the firm, Nana Appiah Mensah in a statement said the leave will begin from December 10 to December 20, 2018.

“All branch managers are hence transferred temporarily to the head office; Dzorwulu, Accra, effective Monday, December 10, 2018,” the statement said.

He added: “I entreat staff to continue to be calm, keep faith and be rest assured that, we shall endeavour to ensure you have job security, as we have been well advised to give all pause to the online gold collectibles trading just like the offline one, to make room for the authorities to cogitate and to present a final say to us and the public on the matter in question in the next few days. To this sad end, all the 5% migrations fees received shall be reimbursed fully to customers from Monday, 10th December to Friday, 15th December, 2018. The date for our end of year staff durbar would be communicated by management soon, when an opportunity would be presented for me to formally address you personally on the future prospects of our great Company. Thank you all for your faith, co-operation, confidence and above all, your unmatched sacrifices for the cause of our dear Company”.

Background

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

According to the SEC, Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

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This, the SEC said this was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

The company was however cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”

Despite initial protests, Menzgold complied with the directive. It has however failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.

The Securities and Exchange Commission (SEC), has said it will be keeping a close eye on Menzgold Company Limited’s online ventures.

Read The Full Statement Below:  

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