Yesterday, published a story in which the deputy director of SEC, Joshua Ababio disclosed that Menzgold has not submitted the documents, they asked them for, to help understand what they do. The deputy director also added that, SEC had not stopped Menzgold from making payments to existing customers and that they can go ahead and honour payments, so far as they are not taking in any new deposits from customers and new ones.

In a reaction to Joshua Ababio’s revelation, the company issued a press statement, saying that, it cannot make payments when it has been instructed to stop trading with their gold vault.

A portion of the full statement from Menzgold reads; “Any act, order or instruction, therefore, designed or decreed to forbid Menzgold from trading makes it impossible to generate any revenue whatsoever out of which extra value are charged and paid to those entitled.

In summary, Menzgold’s argument is that, if it is not allowed to trade to bring in new customers, it will be hard for them to make money to pay old customers.

Although the company has revealed that it will begin operations again on 28th September, in a press statement issued on 8th September 2018 it is unclear if they will be paying customers or not, since they cannot trade without first getting the go-ahead from SEC.

Menzgold refused to comment on SEC’s claim that it has not submitted documents to SEC in the press release it issued today to the media.

Several investors of the company, are anxious about their investments with the company as some have their lifetime savings in there and yet, Menzgold is not giving any clear response as to what will happen now that, they have not submitted documents demanded to SEC, which means they won’t be able to trade to get new customers anytime soon.

We would all have to wait for 28th to know what will happen.


See a copy of their release below:




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