July 15, 2024

Menzgold, a once-prominent player in the gold trading industry that has since ceased operations, has introduced a comprehensive strategy to effectively address the persistent issue of unpaid claims stemming from its gold trading ventures. The company is committed to finding a conclusive resolution to this longstanding matter, all while ensuring equitable solutions for its esteemed clients.

In a recent official statement, Menzgold acknowledged the intricacies inherent in addressing the claims related to its gold trading activities. The company outlined a meticulous validation process that was undertaken to assess these claims. Regrettably, a substantial portion of the submitted claims failed to meet the eligibility criteria due to various reasons. These reasons encompassed irregularities in documentation, the presence of falsified supporting documents, unauthorized signatures, and instances where transactions exceeded their allotted 12-month cycle.

Menzgold affirmed its dedication to transparency, adherence to data protection laws, and safeguarding its clients’ privacy. To facilitate the resolution process, the company has taken the proactive step of digitally publishing verified reports and results on its official website. Access to these reports is restricted, and exclusively available to entitled traders and clients. This digital resource empowers clients to verify the status of their specific transactions accurately.

As part of its streamlined approach, Menzgold has introduced the “Menzgold Traders Transactions Status Verification Access Card.” This card, obtainable from Payboy Company Limited or authorized agents, provides clients with a unique Personal Identification Number (PIN) to digitally authenticate the eligibility of their transaction claims.

The comprehensive roadmap outlined by Menzgold includes several pivotal milestones:

  1. 10th August 2023: Commencement of the Menzgold Traders Transactions Status Verification Access Card issuance process.
  2. 14th August 2023: Launch of the digital ‘MG Trader Status’ portal on www.payboy.com for transaction status verification.
  3. 14th September 2023: Initiation of the process to address queries related to invalid transactions report/results.
  4. 14th September 2023: Deadline for submitting queries/challenge requests pertaining to invalid transactions.
  5. 15th September to 16th October 2023: Thorough review and final adjudication of challenge requests for invalid transactions.
  6. 19th October 2023: Menzgold Press Conference addressing successful transaction payments and the resolution of the impasse.
  7. 20th October 2023: Onset of the payment phase.

Menzgold acknowledged that certain cases necessitate specialized attention, such as transactions that have already undergone partial or complete settlement, third-party claims, and previously established debt settlement agreements. Resolving these cases will entail tailored discussions, negotiations, and potential renegotiations to arrive at fair and acceptable resolutions.

The company conveyed its heartfelt gratitude for the unwavering support and cooperation of its clients throughout this intricate process. For inquiries and further assistance, Menzgold provided contact details for direct communication.

Through this all-encompassing roadmap, Menzgold underscores its steadfast commitment to tackling outstanding issues transparently and professionally. The company’s efforts pave the way for the resolution of gold trading indebted claims, signalling the eventual closure of this chapter for all stakeholders involved.

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