The former company known for gold trading, Menzgold, has shared an update on its progress towards addressing financial matters concerning a substantial number of customers. The CEO, in response to ongoing discussions on Twitter regarding the issue of customer reimbursements, highlighted that the company has successfully fulfilled its financial commitments to over 5000 customers.
To ensure smooth processing of payments, Menzgold initially requested essential documentation from its customers. However, a subsequent communication revealed that a considerable portion of the claims submitted were found to have discrepancies. Regrettably, this led to the disqualification of 60 percent of the claims from the reimbursement process. In an attempt to resolve the situation, the company introduced a proposal requiring customers with blocked funds to pay a fee of 650 cedis for a verification process that would determine their eligibility for reimbursement.
This announcement has sparked concerns within the customer base, particularly regarding the validation fee. Many customers are now urging the company’s management to reevaluate and adjust the fee structure accordingly.
Responding to these concerns, the management issued a letter dated August 20, 2023, bearing the signature of CEO Nana Appiah Mensah. The letter outlines the steps required to initiate the verification process, which includes the submission of specific documents for review. These documents include a copy of the customer’s Gold Trading Agreement and a valid National ID card, both bearing the same name. Copies of the submitted documents are acknowledged and recorded for validation purposes.
To streamline the verification process, Menzgold encourages customers to reach out to authorized Payboy Agents, as introduced in a prior release on August 16, 2023, to arrange for the delivery of Verification Access Cards.
It’s important to note that Menzgold’s customers have been facing challenges due to the company’s closure following an order from the Securities and Exchange Commission (SEC). The CEO has also been subjected to numerous court appearances, exceeding 30 instances, without an actual trial being conducted.
This development underscores the ongoing efforts to address the complex situation faced by Menzgold and its customers.