We will not allow NAM1 to go scot-free – Menzgold customers

The Coalition of aggrieved customers of embattled gold dealership company, Menzgold say they will not relent in their efforts to retrieve their monies from the company.

According to the customers, although no significant progress has been made in their quest to retrieve their locked up cash, they are resolute in their pursuit.

Speaking to Citi News, the President of the Coalition of aggrieved customers of Menzgold, Timothy Binob, said they will protest until their monies are retrieved.

“What we are saying is that we are never happy about this issue and we will never be happy because we have a lot of money locked up in Menzgold. And we will never let them go scot-free. We need to get those monies locked up at Menzgold.”

The Menzgold story

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

This, the SEC said was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

The company was however cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”

Despite initial protests, Menzgold complied with the directive.

It, however, failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.

Some customers of Menzgold have staged protests in the past to demand the payment of their locked up cash.

These protests are however yet to yield results as customers are yet to retrieve their monies.