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Menzgold suspends new online trading; asks staff to proceed on leave

Menzgold Company Limited, has suspended its new online global gold trading following advice it has received over the new business line.

A circular issued to all staff of the company  and signed  by the Chief Executive Officer(CEO) of the Company, Nana Appiah Mensah also directed all staff to proceed on leave, effective Monday, December, 10th, following what the management say is “incessant security threats from customers on the lives and properties of staff body and the company.”

Consequently all branch managers have also been transferred temporary to the head office; Dzorwulu, Accra effective, Monday, 10th December, 2018, the statement said.

The statement continued: “I entreat staff to continue to be calm, keep faith and be rest assured that, we shall endeavour to ensure you have job security, as we have been well advised to give all pause to the online gold collectibles trading just like the offline one, to make room for the authorities to cogitate and to present a final say to us and the public on the matter in question in the next few days. To this sad end, all the 5% migrations fees received shall be reimbursed fully to customers from Monday, 10th December to Friday, 15th December, 2018. The date for our end of year staff durbar would be communicated by management soon, when an opportunity would be presented for me to formally address you personally on the future prospects of our great Company. Thank you all for your faith, co-operation, confidence and above all, your unmatched sacrifices for the cause of our dear Company”.

The company was asked to shut down its Gold vault trading by the Security and Exchange Commission (SEC) in August, after its brushes with SEC and BoG over the company’s operations, but later shifted its operations online to replace their initial business of trading gold with customers and paying dividend at their offices.

According to the state agencies, Menzgold did not have the licence to conduct business in the manner it was doing by paying dividend to clients.

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