Over 60% of the claims submitted for validation at the defunct gold trading company Menzgold contained numerous flaws, as Chief Executive Officer Nana Appiah Mensah, also known as NAM 1, has stated.
On July 30, Menzgold requested supporting documentation from its customers in order to validate payments.
In a statement dated August 9, 2023, signed by Nana Appiah Mensah, the company listed a number of defects, including irregularities or inconsistencies in the records on the face of the documents, fake (fraudulent) supporting documents, and fake authorized signatures, as accounting for their ineligibility.
The company, however, asked clients whose claims could not be validated, hence falling within the 60% bracket, to liaise with designated agents across the country to get their claims validated.
“Based on the above, it’s important for clients who believe they have honest, genuine, and eligible claims to proceed to verify their gold trading transaction status, thus ascertaining as to the validity, invalidity, or otherwise of the purported transactions and hence the eligibility or ineligibility of any claim whatsoever.”
“We entreat confident Customers to acquire a “Menzgold Traders Transactions Status Verification Access Card”, from Payboy Company Limited and/or any of its underlisted agents for a Personal Identification Number (PIN), to be utilized to digitally verify one’s transaction claim eligibility or otherwise.”
The company also tabled a roadmap of activities to be carried out starting August 10, 2023, and assured their clients of receiving payment from the roadmap of activities on October 20, 2023.
The operations of the company were shut down in September 2018 by the Securities and Exchange Commission (SEC) after its operating license, which had initially been granted in 2014, was revoked by the Minerals Commission.
Since its shutdown, several efforts by customers of the company to receive their investments have been unsuccessful.
