Menzgold: Why latest release confirms company isn’t coming back

Menzgold
Menzgold

Menzgold Ghana Limited’s latest press release sends a message that clearly tells that the company isn’t coming back.

I have always argued that customers of the company don’t read the press releases or may be they see any of the releases as fake since it’s hard to differentiate between which is real and which isn’t.

I’m struggling to believe that the latest press release dated October 8, 2018 is real but my attempt to get an official confirmation from the company yielded no result.

Since some of its content have already been published by various media houses without any comment from Menzgold, it can be assumed that it’s official statement coming from them.

In my opinion and per my understanding, the statement contradicts itself and this is a clear indication that the content isn’t something investors can rely on.

Menzgold stated in the press release that its inability to settle their financial obligations to customers is due to restrictions and difficulties facing with bankers. Afia Schwarzenegger hinted on this restriction days before the firm promised to pay dividends to some customers. So why do you make a promise knowing very well that you have no access to funds? In the same press release, it went ahead to contradict itself by accepting to pay all customers by 90 days. Would the restrictions on the bank accounts be lifted by then? Did the bankers or government institutions tell them when the restriction would be lifted? An excuse that restrictions are still placed on the bank accounts is expected to be used by the company to buy itself more time after the 90 day period.

In the same press release, Menzgold admitted that it would be paying customers some percentage within 4 weeks but not 50%. An earlier ‘fake’ press release that might have tested the minds of investors proved that they are ready to receive 50% of their investments. According to the latest release, Menzgold is expected to come back later with the exact percentage of investors’ capital it can pay. I can correctly predict a 30%, then further excuses take it to 20%, 10% until it eventually becomes free.

Despite having issues with the bankers, Menzgold still stated in the release that it would be paying investors via direct bank transfer. Another grounds for future excuses.

While Menzgold has ran to court to deal with Bank of Ghana and Securities and Exchanges Commission, the company still stated in the release that they are still engaging relevant authorities to reach an amicably resolution. How possible do you take me to court and still continue discussions with me? Or has the court suit been withdrawn? Or are the authorities different from BoG and SEC?

I’ll urge investors to let Menzgold and Nana Appiah Mensah be, accept the reality and move on with their lives. In every investments, especially high-yield investments that are likened to ponzi schemes, one should know that anything could happen at anytime.

And those who have enjoyed dividends for years, what again are you waiting for? Just move on!

By: Akesse Sanza
Whatsapp: +233 269825999

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