Menzgold clients agitate as latest dividend payment delays

By PrimeNewsGhana
Menzgold

Some clients of Menzgold Company Limited have started agitating at various branches of the gold-trading firm over the several days’ delay in payment of their latest dividend.

One of the clients told ClassFMonline.com that his money has delayed for close to a week after he and other clients were made to fill forms that would enable the payment of their dividends through the banks henceforth, instead of the over-the-counter payments they had been receiving ever since the business started.

He said Menzgold is making efforts to streamline its payment method by channeling clients’ dividends through the banks – a situation which, according to him, has led to delays in dividend payments, making some customers feel uneasy about the situation, especially following several warnings by the Bank of Ghana to the public against dealing with Menzgold.

The central bank, on 7 August 2018, issued a public notice, the fourth of many, that it was in discussions with relevant regulatory authorities to sanction Menzgold for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without a licence to do so.

The BoG, in an advertorial in the dailies signed by Mrs Caroline Otoo, Secretary to Governor Dr Ernest Addison, said in spite of several of cautions to Menzgold Ghana Company Limited to desist from the act, it persists in its deposit-taking activity in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

The central bank cautioned the general public that anyone who transacts “any of the above-mentioned businesses with Menzgold Ghana Company Limited does so at his or her own risk,” and the Bank of Ghana will not be liable in the event of loss of investments of deposits.

Nana Appiah Mensah, owner of the gold-buying firm, has denied on a number of occasions that his company takes deposits.

ClassFMonline.com’s sources at Menzgold have attributed the delays to the provision of wrong bank accounts by some of the clients as well as the delay in processing of the payments by some of the banks of the clients.

Menzgold assured the public and their clients that their dividends will certainly hit their accounts soon, saying the transition from the over-the-counter payment to bank transfers, has met a few challenges which are being ironed out.

Credit: Class FM