FULL OF LIES?: Menzgold latest press statement simplified

Nana Appiah Mensah
Nana Appiah Mensah

As usual, Menzgold customers jump around with so much joy after the release of the recent press statement by the company without a getting a clearer picture of the statement. Few who are serious in getting their monies back rely on commentaries to understand these press statements.

I’m going to breakdown the latest press release in my own understanding and where I find difficult to understand, I will consult the dictionary. I’ll also share my opinion on some of the points in the statements and why I think the whole thing is full of lies.

1. Following our Media Release on 25th October, 2018, we would like to thank all customers for the rather painful endurance, calm and confidence reposed in the Menzgold brand thus far, as we strive in an unmatched quest to serve you better.

2. As stated in the 8th Oct. 2018 press release, that in a month following the above date, a percentage shall be determined and paid to traders as a way to mitigate their economic distress, in as much as the intent was to pay off after 90 days. As promised, we are glad to indicate that, fifteen percent (15%) off the initial gold collectibles values committed to the buying and selling on the Menzgold “Gold Vault Market” would start on the 9th November, 2018.

An earlier press release by Menzgold assured customers that all their investments would be refunded or paid to them within 90 days period. The company says it’s paying 15% of monies to customers starting November 9, 2018. It however did not mention if all customers are receiving this 15% or only those willing to terminate their contracts. In my opinion, this statement is to instill hope in all customers that they would be having their monies back whether they are terminating or not. This is because previous statements assured all customers that they would be paid fully. The mention of 15% sounds small but strategic. No one would believe the company if it says it’s paying 50%.

3. These 15% percent termination payments would be made via bank transfers into beneficiaries’ bank accounts following a well-structured “transactions schedule”, treating each transaction on its merits with regard to time of payment dispatch, based on the criteria below;

(i) Date of trade/transaction commencements
(ii) Whether a trader did receive any extra value payment since the trader’s
trade commencement or not.
(iii) How long the trader has been buying and selling gold collectibles on the Gold
Vault Market.
(iv) The total quantity and value of gold collectibles put up for trade on the Gold
Vault Market.
(v) Extra value payments frequency received by each trader since the trader’s
gold buying and selling tenure on the Gold Vault Market.

Here the statement then limit the 15% payment to only those terminating their contracts. Then comes the problem; payment would be subject to some conditions. These conditions are as stated above and this to me, is an indication that the firm is not going to pay any 15% to anyone. Every customer waiting to receive the 15% may think it has been delayed due to one of the above conditions. So based on the listed conditions, one may be expecting to receive payment in years time though payment starts on November 9. Every customer falls under one of these conditions and as such may have to wait forever with the hope of getting paid one day when it gets to their turn.

4. Menzgold, on 5th November, 2018 would launch an online gold dore bars and collectibles buying and selling market platform, known as the “Menzgold Global Market”. Traders on the “Gold Vault Market” which is an offline gold market, that has been plagued by the antecedents in the last two months, are advised to migrate unto the global online market at a fee. This would keep their gold buying and selling business actively in session on the online-market, to forestall any payment impediments in the subsequent months.

Menzgold says it’s launching an online trading platform today and those on the offline platform “Gold Vault Market” are advised to migrate unto the online platform at a fee. Nothing changes here. The only thing that has changed is that Menzgold is now going online. Will they be free from Bank of Ghana and SEC troubles?

5. Outstanding or pending extra values payments due before the unwarranted external interference in our business on the 12th September, 2018, that are entitled to traders who wish to be migrated from the offline gold market to the online gold market, would also commence on the 9th November, 2018 through bank transfers to beneficiaries’ bank accounts, following a well-structured transactions schedule duly processed by our accounts department.

This section is very funny. The statement says that all those with outstanding or pending extra values payments that are entitled to migrate to the online gold market would be paid through bank transfers. Read the statement over and over. ONLY those entitled to migrate are going to be paid. Indirectly they are not going to be paid since they have to use their extra values to pay for migration fees. Those who are not entitled to migrate are not included in this statement. In summary, those expecting their extra values are going to use same to pay for migration charges. Forget about the mention of bank transfers in this statement.

6. Traders with outstanding extra values at Menzgold can comfortably authorise their transactions to be migrated with a deferred transaction fee payment, which shall be reconciled with the trader upon the receipt of the trader’s outstanding or pending extra value payments.

This only explains the previous statement further. Customers who have outstanding extra values can just authorise for them to be used to migrate to the online platform. If you don’t have outstanding extra values, then wait for your payment from November 9 based on the conditions mentioned earlier which may never happen.

7. May we also express our heart-ache and the excruciating pain we feel, sharing in our cherished customers distress over the unpleasant matters in the last two months. We however, assure our dear customers of our dedication to one cause only, which is our resolve to not rest or relent, until we offer them the best of service and satisfaction.

8. Menzgold Ghana would like to congratulate all customers for standing with us in our days of what seemed like a “chronic infirmity”, as we finally happily present to you, the antidote.

Menzgold congratulates customers for having patience for them to come out with an antidote. To me, it’s just an antidote to calm customers and help the firm buy more time.

In short, this latest release is just to buy more time and a big strategy to have customers forfeit their extra values with the excuse of migrating to the online platform. Those who resist to be migrated and are waiting for years to receive their monies may have no option than to migrate too.

By Akesse Sanza
Whatsapp: +233 269825999

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