Menzgold suspends online trading; forces staff to go on leave

Gold trading firm Menzgold Ghana has announced that it has put on hold its new online global gold trading after they received advice over the new business line.

In a statement issued on Thursday (December 6, 2018), it said that all staff except branch managers have been asked to proceed on leave from Monday (December 10, 2018) to (December 20, 2018).

“All staff members excluding branch managers are advised to proceed on leave from Monday, 10th December 2018 and to resume on the 20th Dec. 2018, when all outstanding entitlements including the end of year packages shall be fully disbursed.

All branch managers are hence transferred temporarily to the head office; Dzorwulu, Accra effective, Monday, 10th December 2018. The above decision has been reached as a result of the incessant security threats from customers on the lives and properties of the staff body and the company, which is not conducive for operational activities.”

The statement issued by the CEO of the troubled firm entreated all staff to keep calm since they are doing everything in their power to ensure that their jobs are secured.

“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 to present a final say to us and the public on the matter in question in the next few days. To this sad end, all the 5% migrations fees received shall be reimbursed fully to customers from Monday, 10th December to Friday, 15th December 2018.

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. Thank you all for your faith, co-operation, confidence and above all, your unmatched sacrifices for the cause of our dear Company.”

The gold firm has been in the news lately after the regulatory authorities raised concerns over the business module and licensing.

This has caused them to struggle in the payment of premiums of its investors after the Securities and Exchange Commission (SEC) were ordered to stop their unlicensed public gold trading activities.