Customers threaten to sue Menzgold over principal payments

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Some customers of beleaguered gold trading firm Menzgold Ghana Limited have threatened to file a class suit (class action) against the company if it fails to make payments of their principal investments to them.

The development follows the decision of Menzgold to extend a six-day suspension of its gold vault market services to September 28, 2018.

According to the aggrieved customers who spoke to Graphic Online’s Jasmine Arku at the East Legon premises of Menzgold on Wednesday morning, per their contract, they can terminate their investments with the company at any time.

However, they claim that Menzgold is denying them that right by suspending its gold vault market operations because of an ongoing legal tussle with the Securities and Exchange Commission (SEC).

One customer who spoke on condition of anonymity expressed her disappointment in the management of the company.

Menzgold is currently engaged in a legal battle with the Securities and Exchange Commission over their operations.

The Head of Communications of Menzgold, George Quaye explained in an interview with Citi FM that the firm decided to extend the suspension in order not to violate the law.

“Menzgold wouldn’t want to violate any of those stipulations that were outlined earlier. So the firm thought it wise that when these interactions have started and are going on amicably, we should just stick to the instruct and just hold on until all matters are fairly ironed out,” Mr Quaye said in an interview with Citi FM.

 

Source: Graphic Online

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