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Menzgold Switches To A New Payment Model For Customer Repayment

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Menzgold, a now-defunct gold trader, has switched from cash to electronic payments for its customers.

The company said in October that from December 20 through June 30, 2022, it will begin paying all of its clients their investments.

As a result, consumers who believe their funds have been frozen must gather at a designated office to get payment.

However, in a statement released on Sunday, the management stated that some changes to the payment scheme had been made on the recommendation of the police.

“With due regard for the foregoing basis, respect for authority, and as law-abiding, patriotic citizens, our company will proceed to achieve the same payment goal by resorting to direct bank deposits, as we happily commence our final payments phase spanning from December 20, 2021, to June 30, 2022,” the statement reads in part.

According to the management, 181 clients who are due to be reimbursed their funds will be contacted by a company representative via phone, using dedicated phone numbers that will be made public, to supply their bank details for payments to be processed.

“We’re still vetting all of the claims supporting documents we’ve received; as soon as we’re able to complete this very meticulous, systematic, and very important exercise, we’ll proceed to publicize all of the tallies compiled as indicated in our prior publication on October 7th, 2021.”

“It’s also worth noting that, when we subject the outstanding claims to our strict audit standards, we’ll maintain updating the list of creditors during the given payment interval.”

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