Menzgold to start paying customers 15% of their investments today

Asembi.com reported earlier on that Menzgold Ghana Limited has said in a statement to pay investors wishing to terminate their contracts 15% of their investments. Today November 9, 2018, is the day.

The gold dealership company said in the November 4, 2018 press release that this is a step towards the company’s promise of paying investors who wish to terminate their contracts within 90 days.

“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”, the statement said.

The statement added that the 15% percent termination payments would be made via bank transfers into beneficiaries’ bank accounts following a well-structured “transactions schedule” subject to various conditions which include, but may not be limited to, Date of trade/transaction commencements, Whether a trader did receive any extra value payment since the trader’s trade commencement or not, How long the trader has been buying and selling gold collectibles on the Gold Vault Market, The total quantity and value of gold collectibles put up for trade on the Gold Vault Market and Extra value payments frequency received by each trader since the trader’s gold buying and selling tenure on the Gold Vault Market.

The November 4 statement that promised the 15% payment to investors also announced the launch of Menzgold Global online trading platform which was scheduled for November 5. The company however did not launch the online platform as promised and it is not known if the firm still stands by the statements made in the press release.

Menzgold is yet to communicate to customers on its inability to launch the online trading platform and if investors terminating their contracts are still receiving 15% of their investments.