The CEO of the now-defunct gold trading firm Menzgold, Nana Appiah Mensah, has revealed that a significant portion of the claims submitted for validation have been identified as problematic, accounting for more than sixty percent of the total submissions.

Menzgold had called upon its clients on July 30 to provide supporting documentation for validation, a process aimed at expediting the disbursement of payments.

The company outlined a range of issues among the submissions, including inconsistencies or irregularities in the provided records, counterfeit or fraudulent supporting documents, as well as forged authorized signatures, among other alleged discrepancies.

While Menzgold acknowledged these challenges in a statement, it encouraged clients falling within the aforementioned bracket of over 60 percent to independently verify the status of their gold trading transactions. This verification would entail confirming the authenticity, legitimacy, or lack thereof, of the purported transactions, ultimately determining the eligibility or ineligibility of any given claim.

"We advise confident Customers to obtain a 'Menzgold Traders Transactions Status Verification Access Card' from Payboy Company Limited or any of its authorized agents. This card will provide a Personal Identification Number (PIN), which can be used to digitally verify the eligibility or status of one's transaction claim," NAM 1 (Nana Appiah Mensah) further elaborated in the statement.

Payment disbursement to clients whose claims have been fully validated is scheduled to commence on October 20, 2023.

Full statement here: