Menzgold Ghana Limited will later today [Wednesday], resume payment of returns to its customers after halting payment last Tuesday.
The company couldn’t pay all the customers who showed up at their offices on Tuesday to receive the dividends which were due, indicating that it wanted to revise its payment schedule to avoid causing chaos.
The new plan considers the backlog of customers who were unable to receive their extra values per the previous schedule.
The Deputy Head of Communications of Menzgold, Nii Armah Armateifio, explained that the new schedule is to ensure that all customers qualified to receive their extra values are duly paid.
“We decided to review the schedule. So now what we are going to do is that we are serving names of people who fall within the category of the date which was given. We didn’t do payments on Tuesday because it was the day that we started with the new schedule. On Wednesday we’ll resume payments,” he said.
Addressing a press conference last Thursday, Corporate Affairs Manager of Menzgold, Nana Yaw Ofei, explained that the company will pay all its customers that were trading with them until September 12, when a directive from the Securities and Exchange Commission, SEC, interrupted their operations.
This means those who invested with them after September 12, 2018, “will not get any form of returns”.
Mengold sues BoG, SEC
This latest development which will come as a relief to their customers, follows Menzgold’s suit against the Securities and Exchange Commission (SEC) and the Bank of Ghana.
The company in its suit is seeking from the court an order directing the two institutions to stop interfering in its business.
Menzgold among others asked the court to stop the Bank of Ghana and the SEC from publishing what it described as “derogatory notices” against its business.
“An order of perpetual injunction to restrain the Bank of Ghana and Securities and Exchange Commission, its officers, servants and agents from interfering with Menzgold’s business activities or further acts of disobedience and non-compliance with law by publishing any derogatory notices.”
Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).
According to the SEC, Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.
This, the SEC said this 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.
Delay in payments
Menzgold was initially unable to pay its customers matured investments on their gold deposits due to the action taken against it by the SEC.
“The gold collectibles offered for trade by patrons of our gold vault market product are subject to our quality controls and traded for profit which is shared as extra value with the product owner or trader. Any act, order or instruction, therefore, designed or decreed to forbid Menzgold from trading makes it impossible to generate any revenue whatsoever out of which extra values are charged and paid to those entitled,” Menzgold said in a statement.
But the SEC did not agree with Menzgold’s position, saying the action did not stop them from paying customers dividends on already existing investments.
Failure to communicate
The SEC said it did not receive adequate information from Menzgold after it ordered the suspension of its gold trading business.
Speaking on the Citi Breakfast Show on Wednesday, Paul Ababio, Deputy Director-General at SEC, said that the flow of information from the gold dealership firm to enable the two parties reach a favourable consensus has not been smooth.
“We may have finished with our investigation but actual implementation of the results of that investigation is also subject to their willingness to cooperate because we requested for information in August; we have sat with their lawyers with a few back and forth, and we still haven’t received information from them. So if we have the information, one might say within a matter of weeks we should have some closure; then the question now becomes the action items arriving from that determination,” he added.
By: Asiwome Tei-Mati
10 Insults Hurled at Comedian OB Amponsah After ‘Mahama Corruption’ Joke
Comedy is believed to connect humans but in recent times, it is tearing us apart to the point that many comedy critiques are asking when comedy became the worst medicine.
Ghanaian comedian OB Amponsah on Saturday night recounts the trauma he went through when he received backlash from elements in the National Democratic Congress – NDC, the largest opposition political party in Ghana.
Some rank and file in the opposition party, NDC did not take it lightly when the trained Optometrist and comedian made a joke at Decemba 2 Rememba 2019 that the name Mahama (the leader and flagbearer of the NDC) is synonymous to Corruption.
Recounting his experience at his maiden Political Refugee comedy show at the SNAP Cinema inside the Accra Metropolitan Assembly building, OB Amponsah shared with his audience some of the insults hurled at him amidst threats.
Political Refugee which was hosted by comedian Clemento Suarez had other performing comedians such as Teekay, Jerry Nii oo Nii and musical performances from Efe Keyz, Atta Kay and Kweli the Poet.
Read some of the insults below:
OB Amponsah Promises Fun And Wit At Political Refugee
With about three (3) days to the much-anticipated comedy show to kick start 2020, comedian OB promises Political Refugee Comedy Show will be fun-filled with wit.
The Political Refugee Comedy Show offers an opportunity for the comedian to break silence on the experiences encountered during the later part of 2019 when he made a joke that was misconstrued to be politically biased.
OB Amponsah who is also a trained Optometrist mooted Political Refugee, a standup comedy from the media backlash he received after he had made a joke at Decemba 2 Rememba that the name Mahama is synonymous to corruption.
Speaking to www.asiwomewrites.com on Tuesday, January 14, 2020, he promises patrons to expect a lot of fun and witty content.
“I’m going to break the political ice and make sure everybody else leaves the auditorium satisfied. In the end, we should be able to laugh at ourselves as Ghanaians,” OB Amponsah stated.
Comedians to perform are Teekay, Jerry, Nii oo Nii. There will also be musical performances from Atta Kay, Efe Keyz and Kweli the Poet.
Political Refugee is scheduled for Saturday, January 18, 2020, at the SNAP Cinema inside the Accra Metropolitan Assembly Building. The rate is GHC 40.00.
My Artists Are Too Busy To Be Bothered About VGMA And Other Awards – Enock Agyepong
Mr. Enock Agyepong has disclosed that artists signed under the Speech Production label are more focused on building their brands than to be bothered about VGMA and other awards.
When asked by the host, Frimpong Agyei Christian whether his artists will file for the Vodafone Ghana Music Awards nominations, he explained that conversations bothering on filling for nominations and any other awards don’t even crop up in their agenda 2020 conversations.
“No, no, no; it is not part of our plans. With the kind of artistes I am working with, it doesn’t even come up in our conversations, seriously!” he stressed.
Touted as a hard-hitting convener of the Foundation Of Concerned Arts Professionals – FOCAP, Enock Agyepong on Onua FM indicated that, Kiyo Dee, Pzee Fire, Pablo Hancho and Alli will not be filling for the VGMA or any other awards in 2020.
He furthermore disclosed that the signed Speech Productions artists are focused and engaged in improving their crafts and building niche brands than to include awards in their plans for 2020.
“They are too busy to be bordered about it. For this year or hoping that next year, they will think about it but now, they just want to concentrate on their craft and their brands,” he stated.
However, Kiyo Dee was awarded the Emerging HipHop Artist of the Year at the Emerging Music Awards – EMA in 2019
Both Kiyo Dee’s Free Books Sold and Pzee’s Hustle & Hearts albums were number 1 on iTunes charts for weeks in 2019.
Edem Pledges To Write A Reggae Song For MzVee
Volta Regime Music Group rapper Edem has pledged his support to write a reggae song for the comeback dancehall musician MzVee.
MzVee who has returned to the music scene with a latest bang titled SHERIFF after battling what she referred to as a super depression.
Edem, in expressing his happiness on Instagram for MzVee’s return to the music scene accentuated that to strength
He also promised to gladly write a song for her whenever she needs a reggae song.
“Somebody tell @mzveegh that I am happy she is back..If she need another Reggae Joint..I would gladly Write for her..Welcome Sis…U represent thru Strength..Mi love u,” Edem said on Instagram.
Many Musicians Are Receiving GHAMRO Royalties They Don’t Deserve – Rex Omar
The Ghana Music Right Organization – GHAMRO has over the years been faced with its inability to institute a logging system for proper royalty distribution.
This challenge has caused an anomaly in the even distribution of royalties collected that is due to the musicians whose properties are currently being used.
Rex Omar, chairman of GHAMRO in an interview with asiwomewrites.com, your credible blog for entertainment and showbiz news, views and reviews explained the challenge is because the logging system is still being piloted.
“The problem we are having and encountering at GHAMRO is because we have not started using the logging system in its entirety. A lot of people are receiving monies that are not supposed to and the musicians whose music is currently being used also don’t receive their due,” Rex Omar explained.
The Chairman also alleged that the erstwhile Carlos Sakyi administration registered people who received royalties for no registered property which the logging system when fully operational will resolve.
Rex Omar further hinted that GHAMRO is going to face a lot more problems with their next distribution because more musicians will be receiving meager royalties but those whose songs are being used will receive more.
He, however, assured members that though the wind of the law grinds slowly, the organization is determined to retrieve an amount of GHC 2,113,803.93 made up of bank transactions and several withdrawals unaccounted for by the Carlos Sakyi, K. K. Kabobo led administration as revealed from the 2012 – 2016 audit reports of GHAMRO.
NEWS2 months ago
Stonebwoy Shares His Agenda To Build A Standard Auditorium in Volta Region
NEWS12 months ago
MANY INDUSTRY PLAYERS ENDORSE SUB-STANDARD AND STUPID PRODUCTIONS – ELORM BEENIE
NEWS3 months ago
Nana Addo’s Administration Is A Talking But Doing Nothing Gov’t – Blakk Rasta
NEWS1 month ago
MUSIC: Kofcity We Dey Theme Song
NEWS2 months ago
Worlasi To Unveil ‘WORLA’ Album Ahead Of WorlaFEST 2019
NEWS1 month ago
PHOTOS: Eleven (11) Up And Coming Artists Signed Onto The “Kofcity We Dey” Project Unveiled
NEWS6 months ago
I SUPPORT THE BLACKSTARS FOR CHARGING BEFORE PLAYING BECAUSE GHANA IS NOT WORTH DYING FOR – ALI JARRAH
NEWS1 month ago
I Have Failed If My Songs Don’t Reflect Black Consciousness – Blakk Rasta
NEWS6 months ago
E/R: TOTAL WORSHIP SLATED FOR SEPTEMBER 1, 2019
Music1 month ago
MUSIC: Amazyn Gee Out with ‘Di Wo Fie Asem”