A group of Menzgold investors in Kumasi are coming together to file a suit against the gold trading company, Asembi.com has been told.

The group, made up of fifteen investors, met in Adum on Saturday November 17, 2018 to discuss how to go about with the suit.


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The leader of the group, Philip Erzuah, told Asembi.com that he has several financial obligations to handle and cannot count on the “games” the company is playing with its customers.

“We’re forming a group to go to court to get our money because it seems our money won’t be paid. We’re fifteen now and still want others to join us”, Philip told Asembi.com.

According to Philip, he has received a message from Menzgold telling him Migrations unto the company’s online platform is actively in progress but payments to customers wishing to terminate their contracts are strictly by invitations.


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Menzgold announced through one of its press releases that a payment schedule would be released to pay investors who wish to terminate their contracts but dates of payments would be subjected to several conditions. Philip says he has not been informed of when he can receive his payment neither has anyone in his group.

The future of Menzgold is currently uncertain as the Deputy Finance Minister hinted that the firm will no longer exist. The finance Minister also said in an interview on Peace FM that the company isn’t licensed. The Securities and Exchange Commission placed a ban on the trading activities of the firm since September 2018.


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