Business News of Thursday, 22 November 2018
Members of the Coalition of Aggrieved Customers of Menzgold Company Limited have issued a notice to demonstrate on Tuesday, 27 November 2018 against the management of the gold-trading firm to demand full payment of their principal investments locked up with the company.
The customers say the company has reneged on its several promises to pay them an agreed 15 per cent of their principal.
Addressing the media on Wednesday, 21 November 2018, Chairman of the Coalition, Timm Binob said the demonstration is to register their displeasure against the company.
He said: “Date for our upcoming demonstration in Accra is Tuesday, 27 November 2018 and the time is 7:00 am prompt.
“Venue is at the Obra spot, Kwame Nkrumah circle. Following the impasse between Menzgold Company Limited, the Securities and Exchange Commission (SEC) and the Bank of Ghana; Menzgold Ghana Limited, after series of meetings, promised to pay 15 per cent of our principal as the first tranche to fulfilling their promise and obligations by paying fully the remaining percentage to us within 90 days beginning from 9 October 2018 but they haven’t paid.”
Menzgold has been unable to pay its clients their dividends due to an ongoing battle with SEC and the BoG over its operations. While the state institutions say the company has not been licensed to take deposits, Menzgold insists it does not take deposits and does not answer to the two institutions.