MenzGold To Inject $1m Every Month To Protect Its Brand

MenzGold To Inject $1m Every Month To Protect Its Brand

An amount of $1 million is expected to be spent monthly in a desperate attempt to protect the brand of embattled gold collectibles firm, Menzgold Ghana Limited.

In recent times, many disgruntled customers have besieged the offices of Menzgold to demand their monies.

Securities Exchange Commission (SEC) in September directed Menzgold to suspend its gold trading operations.

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

The move, SEC explained, was in contravention of “Section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

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

After more than a month of shut down, Menzgold announced on Friday, October 26, 2018 that it would resume its activities on November 5, this year.

But DAILY GUIDE understands that the company is planning to inject $1 million monthly into its operations, as management takes the necessary steps to protect the brand and trust of the company.”

The decision was made over the weekend when Menzgold reportedly held a meeting with about nine stakeholders groups in Accra to discuss among other things, payments to customers.

Corporate Affairs Manager of Menzgold Gold Ghana Limited Nana Offei, who chaired the said meeting, is quoted as saying that the company would inject the $1 million monthly in a desperate attempt to ‘save’ its operations and regain customers’ trust.

Customers Protest
Meanwhile, an angry client of Menzgold created a scene at its Dzorwulu Office on Tuesday when she refused to leave the place after working hours because she had not received her principal investment.

Margaret Ofori, a mother of three, who has allegedly invested GHC60,000 with Menzgold, said the money is everything she had toiled for while in Bahrain.

According to her, she returned to Ghana a few months ago and a friend advised her to invest in Menzgold, which she did.

She has not received any extra value payment on her investment and wants her principal paid back to her in full.

Ms Ofori told Accra FM that she visited the office of Menzgold at 6 am to request the management of the gold-trading firm to, at least, rent a place for her to live if they cannot refund her full investment.

According to her, after waiting till 6 pm, she was told there was no money and that clients would be paid 15 per cent of their principal investment from November 9, 2018.

The angry client was asked to leave for the office to be closed but she refused.

She said the branch manager ordered the security to allow her to pass the night at the office with her sister if she insisted on remaining there until she has been paid.

“I’m coming from Kasoa and have nowhere to stay. I asked them to rent a place for me to live, but that has also fallen on deaf ears, I’m disturbed and don’t know what to do,” she added.

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