Nana Appiah Mensah
Embattled gold collectibles company, Menzgold Ghana Limited, has ordered its staff to proceed on leave due to what it termed incessant threats from angry customers.
Menzgold, in a notice signed by its Chief Executive Officer (CEO), Nana Appiah Mensah, warned that “all staff members, excluding branch managers, are advised to proceed on leave from Monday, 10th December, 2018 and to resume on 20th December 2018 when all outstanding entitlements, including end-of-year packages, shall be fully disbursed.”
“All branch managers are hence transferred temporarily to the head office at Dzorwulu, Accra effective Monday, 10th December, 2018.”
According to the notice, “The decision was taken as a result of the incessant security threats from customers on both properties and lives of staff, which is not conducive for operational activities.”
Contrast
The announcement is in a sharp contrast to the picture Menzgold Ghana Limited painted in November 2018 that normalcy was returning to the company which claimed to have paid 30 percent of clients who reportedly called for the termination of their contracts.
The crisis at Menzgold started after the Securities and Exchange Commission (SEC) on September 7, 2018 directed the company to suspend its gold trading operations.
The directive, according to SEC, was based on the fact that Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns to clients without a valid licence from the Commission.
The move, SEC explained, was in contravention of Section 109 of Act 929 with consequences under Section 2016 (I) of the same Act.”
The company was, however, allowed to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”
Several customers have been demanding their returns since September, this year, but the company has failed to pay their money which has culminated in attacks on the company.
Christmas Pressure
With Christmas fast approaching, the customers are likely to intensify their violent attacks on Menzgold if the authorities fail to address their concerns.
Be Calm
The CEO of Menzgold, in the notice, said “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 present a final say to us and the public on the matter in question in the few days.”
According to the notice, “To this end, all the 5 percent migration fees received shall be reimbursed fully to customers from Monday, 10th December to Friday, 15th December, 2018.”
It added that “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.”
By Melvin Tarlue