Now defunct gold firm, Menzgold Ghana Limited, has appointed Payboy Company Limited as a third party to negotiate debt settlement with its aggrieved customers.
Menzgold said in a statement that: “Following an advice given and subsequently reiterated in a press release issued on the 18th of December 2019 with reference number KBA 3015/19 by our counsel, we’re happy to introduce PAYBOY COMPANY LIMITED, a digital payments marketing and promotions company, headquartered at No. 34 Nii Ako Nortei Street, Blohum Road, Dzorwulu, Accra, as the appointed third party entity with the capacity to negotiate ‘Debt Settlement Agreements’ and to facilitate payments of same, in our committed resolve to ensure the eventual full debts settlements by Menzgold within the shortest possible time”.
“Counting on your kind cooperation as we strive to achieve this noble debt settlement objective,” the statement added.
Meanwhile, on 22 April 2020, the Coalition of Aggrieved Customers of Menzgold (CACM) described Payboy, as a Ponzi scheme and cautioned its members against doing business with the firm.
Menzgold promised customers an average of 7-10 percent monthly returns on investments but have not been able to pay customers dividend in full until its closure.
The firm founded by Nana Appiah Mensah is reported to have initially traded as Menzbank; then changed to Menzbanc and then finally to Menzgold, due to warnings from the Bank of Ghana about the use of ‘bank’ as a company name for a non-banking entity.
Its operations were shut down in September 2018 by the Securities and Exchange Commission. The company’s operating license which was primarily for gold trading and export granted in 2014, was revoked by the Minerals Commission.
When reports of Menzgold indulging in a gold-investment scheme with high returns started to circulate, the Bank of Ghana begun to publish warnings to caution citizens to be wary of dealing with the firm and warned the firm against taking cash deposits.
Customers deposits at Menzgold have since been locked since the shutdown of the company leading to demonstrations at its various branches.