Payment Of Dividends Schedule For Tomorrow – Menzgold

The beleaguered gold trading firm, Menzgold Ghana Limited, has assured that customers can visit branches of the company to demand their matured investment from tomorrow [Friday], September 28, 2018.

The Securities and Exchange Commission (SEC) earlier this month ordered the gold trading firm, to suspend its operations with the public with immediate effect. In a September 7 letter, SEC said after thoroughly investigating the activities of Menzgold, it had found out, the firm did not have the license to trade in gold collectibles from the public.

According to SEC, the aspect of Menzgold’s business involving purchase and deposit of gold collectibles and guaranteed returns is a capital market activity under Act 929 without a valid license issued by it which contravenes the law.

However, addressing a press conference today, the Corporate Affairs Manager of Menzgold, Nana Yaw Ofei, explained that the company will pay all its customers that were trading with them until September 12, when a directive from the Securities and Exchange Commission, SEC, interrupted their operations.

This means those who invested with them after September 12, 2018, “will not get any form of returns”.

“It is, however, important to note that the recent circumstances have dislodged the shape and projection of our business.”

As a result, he said “we have set up a payment schedule starting tomorrow, Friday, September 28 to be circulated to all our customers. Customers are encouraged to only visit their branches on the date of their collections as the schedule will strictly be adhered to, to avoid overcrowding at the branches.”

“It’s pertinent to note, however,” he added “that period starting Wednesday 12 September 2018 to date while the gold vault market has remained forcefully shut by the Securities and Exchange Commission, regrettably shall not attract any form of returns whatsoever as the business of the gold trade has been and is still dormant.”

Menzgold Sues BoG, SEC

Menzgold in its writ of sumon later in the day is demanding among other things: “A declaration that the Plaintiff’s business does not fall within the present legislated scope of the Banks and Specialized Deposit -Taking Institutions Act 2016 (Act 930);

“A declaration that Plaintiffs business activities does not fall within the present legislated scope of the Security Industry Act 2016 (Act 929);

“A declaration that the 10 Defendant’s Notices No. BG/GOV/SEC/2018/12 and BG/GOV/SEC/2017/24 dated 6th August 2018 and 28th November 2017 respectively have hurt the business reputation of the Plaintiff;

“A declaration that the 2nd Defendant’s Notice No. SEC/PN/002/09/2017 dated 22^J September 2017 has harmed the business reputation of the Plaintiff;

“A declaration that the lo Defendant’s Notices No. 13G/GOV/SEC/2018/ 12 and BG/GOV/SEC/ 2017/ 2-1 dated 6th August 2018 and 28th November 2017 respectively are an abuse of the Defendant’s discretionary powers contrary to Article 23 and Article 296 of the 1992 Constitution; 1. A declaration that the 2nd Defendant’s Notice No. SEC/PN/002/09/2017 dated 22m September 2017 is an abuse of the Defendant’s discretionary powers contrary to Article 21 and Article 296 of the 1992 Constitution.”

The suit has been occasioned by a directive by SEC to suspend their gold vault trade and the registration of new customers.

Menzgold Press Statement After Interaction With The Media: 

Menzgold Ghana Limited has filed suits this afternoon against the Bank of Ghana and the Securities and Exchange Commission. We have been constrained to do so because we have been left with no other choice. Under the circumstances, we have filed suits to seek a healthy determination of our rights to enable us make progress.

In the interim period, we are very much alive to the needs of our customers. It is however important to note that the recent circumstances have dislodged the shape and the projections of the business. To that end, we’ve set out a payment schedule starting tomorrow to be circulated to all our customers .

Customers are encouraged to only visit their branch on the date for their collection as the schedule will be strictly adhered to avoid crowding at the branches.

It is pertinent to note however that the period starting Wednesday 12‘” September to date while the Gold Vault Market has remained forcefully shut by the SEC regrettably shall not attract any forms of returns whatsoever, as the business of the gold trade has been and still is dormant.

Finally, by dint of the ”shut down of the gold trade the firm cannot process any kind of termination on the Gold Vault Market until a healthy restoration is determined by the courts. it important to note that but for these unwarranted obstructions, Menzgold has had a 100% unblemished record with regards to payment of extra values to traders. In our 5 years of operations there isn’t a single case on record suggesting default payment as a verifiable matter of fact.

Thank you