Menzgold asks staff to proceed on leave despite current disarray

Menzgold asks staff to proceed on leave despite current disarray

- in Latest in Ghana, News

Menzgold Ghana have asked all staff members and branch managers to proceed on leave.

This leave will begin from December 10 to December 20, 2018.

This come as a surprise to many as the embattled company are still finding difficulty in paying depositors who engaged in business with them before their dealings were brought to a halt.

In a statement dated December 4, the gold dealership firm said the staff should return to work on December 20 “when all outstanding entitlements, including end of year packages, shall be fully disbursed”.

“All branch managers are hence transferred temporarily to the head office; Dzorwulu, Accra, effective Monday, December 10, 2018,” the statement said.

It added that all staff should remain calm and be assured that Menzgold shall endeavour to assure their job security.

The statement added that it has been advised by the authorities to halt its online trading [just as the offline one] to enable the authorities to assess the system and present a final say to the public and the company.

“To this end all the 5% migration fees received shall be reimbursed fully to customers from Monday, December 10 to Friday, December 15, 2018,” the statement added.

According to the statement, the date of their end of year durbar will be communicated to the staff where the Chief Executive, Nana Appiah Mensah, will address the staff.

Background

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

According to the SEC, Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

This, the SEC said this was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

The company was however cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”
Despite initial protests, Menzgold complied with the directive. It has however failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.
The Securities and Exchange Commission (SEC), has said it will be keeping a close eye on Menzgold Company Limited’s online ventures.

Menzgold Ghana is set to launch an online gold store, a buying and selling market platform, known as Menzgold Global Market on Monday.

While it remains unclear how the company will be operating online, the SEC said it will intervene if it determines Menzgold is working within its purview.

“We have also picked signals in public on the issue about an online business. We are monitoring. As long as it offends our legal or regulatory regime, we will come into play,” the Head of Legal and Enforcement at SEC, Nii Oman Badoo said at a press soirée.

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