Hundreds rush to Menzgold to receive dividends

Photo: The dividend payment schedule as published by Menzgold

Hundreds of customers of gold trading firm, Menzgold have massed up at the company’s branches in Accra to receive their dividends.

It is believed that the company is holding millions of cedis in investments, paying out profits of up to 12 percent monthly to its customers

The company announced on Thursday that it will begin to pay the accrued dividends following a month-long halt in its operations after a Securities and Exchange Commission (SEC) directive.

The Commission ordered the company to suspend its operations, questioning its activities and describing the trading part of Menzgold’s operations as illegal.

While clearing the company to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold” it warned Menzgold to desist from its gold trading operations which were in flagrant violation of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

Related: Menzgold sues BoG, SEC for poking noses where it does not belong.

Menzgold says the directive barred it from paying dividends to its individual customers whose investments had matured.

However, at a press conference on Thursday, Menzgold said dividends on mature investment will be paid on Friday.