NAM1’s Menzgold resumes work on Friday

Gold dealership company, Menzgold is set to resume work on Friday September 28, 2018.

The firm made this known in a letter to its customers when it extended a previous suspension from 19th to 28th September.

The communiqué to its customers, informing them of the firm’s decision to remain closed until 28th September 2018 was to resolve its impasse with the Securities and Exchange Commission (SEC) to come to a “useful conclusion”.

Menzgold first issued a press release on 12th September, informing the public that it was shutting down operations for six working days following directives from SEC to shut down.

The company was to be reopened for business from September 20, 2018 but extended the date to September 28, 2018, a development which caused fear and panic among customers.

Most customers after the first press release, were fervently waiting for September 20, to go and do business with the firm or withdraw their money, however all that would have to wait for a week more as the firm continues to remain closed for business, further increasing the uncertainty surrounding the future of Menzgold and the money of depositors.

The SEC in the wake of all these has defended its decision and stance on Menzgold, arguing that they are rather doing all these to protect the interest of vulnerable customers.

Menzgold resumes work on Friday 28th September. Read the full letter below if you missed it.

Press release by Menzgold
Press release by Menzgold
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