Gold investment company Menzgold limited has announced it will be shutting down its gold vault market by next month - September.
The shutdown which will come into effect by September 15, is expected to be indefinite.
This follows increasing media attention on the company after the Bank of Ghana cautioned the general public against making deposits with the firm on the basis that it was not licensed for any banking business.
Furthermore was the scandal over its alleged claim of being an affiliate of the internationally acclaimed company – Swiss Gold Global, which the company deniedÂ
In a statement issued on Wednesday August 30, the company said it is committed to fulfilling all existing contractual agreements with clients across the country.
Appearing before the Public Accounts Committee (PAC) of Parliament, Corporate Manager of Menzgold, Nana Yaw Offei, rejected claims that it takes deposits from its customers, asserting the company is not a financial institution.
The gold vault is one of the company’s main business portfolio and is [according to Menzgold official site]: “a special gold market, where fine gold buy and sell leads are constantly exhibited. Worldwide prospective buyers closes on this sell leads at great profit margins, owing to the fluctuations of prices on London Bullion Market (Market dynamics)".
Hence, the company's gold vault market platform and expertise provided their Ghanaian customers the opportunity to profit from this global gold trade without the risk of having little knowledge about how it works.
Menzgold Company limited or Menzbanc is part of a list of private and public institutions trapped in a series of scandal that have either destroyed the business or reduced the general public’s confidence in them.
Read more about embattled institutions in the country (latest - SSNIT) here @www.primenewsghana.com.