The management of Menzgold has through its new head of communications, Nii Armah Amarteifio after George Quaye resigned has stated that it would start paying principals of customers in the coming days.
In a press release, Menzgold revealed that they had a crunch meeting with some of their customers yesterday, October 7th at Kordam Hotel to discuss the way forward and reach a resolution in the mist of its issues with the Securities and Exchange Commission.
According to them, the customers who were present at the meeting suggested that, they pay up to at least 50% of the principal of what people have invested in the company in the next four weeks and although they love that suggestion, they are not certain that they will be able to pay all customers 50% of their investment and that they will be communicating with management to see if that will be possible.
We must say that their press statement is quite ambiguous as in another part of it, they indicated that, they would ensure that clients get 100% of their total investments within the next 90 days starting from 9th October 2018. They are estimating that, by the end of the 90 days, every customer would have received a 100% of what they invested and a schedule would soon be communicated.
Confused by what they meant, Ghbase.com placed a phone call to the Head of Communications at Menzgold, and Nii Armah stated that, they are working to ensure that clients get 100% back of whatever they invested in the company, but in the next 4 weeks, they will start by issuing the first badge of payment but as to whatever percentage they will pay first, it has not been confirmed yet.
He added that, the customers who were present at the crunch meeting suggested they pay 50% in the first 4 weeks (1 month) to calm down nerves, while they work on paying the remaining 50% two months after paying the first 50%.
According to him, management have not reached a decision yet as to what percentage of principal to pay first within the first 4 weeks which starts on 9th October, 2018 but would issue a new release once an agreement is reached but customers should be rest assured that, they will receive the first badge payments of their principal within a period of 4 weeks and the next badge within a period of 90 days or let’s say 60 days after the first 4 weeks.
Curious about whether, those who have already received extra value payments for previous months, would still receive their full principal or have it deducted before being paid, we posed that question to Nii Armah and he told Ghbase.com that, everyone will still receive their principal regardless of whatever extra value payments they have already received.
What this means is that, if you invested say 6 months ago and have already being paid 60%( which is 10% a month for 6 months), you would still get to receive your full principal of 100% back.
If Menzgold is able to do that, they would have cleared all doubts of it being a Ponzi scheme and would win the trust of a lot of people, should they resolve their issues with the state institutions.
They also added in their statement that, customers will have their principals paid into their bank accounts, to avoid over crowding at the premises.
Click on the next page for a copy of the full press release from Menzgold.