-Lawyers for gold trading company Menzgold have rejected claims by PMMC that their licence has been revoked
- According to lawyer for Menzgold, Kwame Akuffo the claims by PMMC is untenable
Gold-buying company Menzgold Ghana Limited has said claims by the Managing Director of Precious Minerals Marketing Company (PMMC), Mr Opare Hammond that it is not licensed, amounts to “economic defamation” and “undermining” of its reputation.
The company’s lawyer, Kwame Akuffo, said on Thursday, August 9, 2018 that contrary to the PMMC MD’s claim, the firm was duly licensed to carry out its gold-buying and selling business.
Mr Hammond had told Accra-based Joy FM that: “The Minerals Commission would usually give you the licence and there is a small clause that says: ‘You buy gold for export’, and I don’t know if that is what they [Menzgold] are relying on to do this. If that is what they are relying on, then they are doing the wrong thing. One is supposed to buy and package the raw gold before exporting it”.
However, Mr Akuffo told Accra-based Starr FM on Thursday that the Association of Gold Exporters of Ghana took up an arbitration against the Bank of Ghana and the PMMC and it was “held that the parties have agreed that the Minister of Lands and Natural Resources shall then nominate the PMMC as the government’s independent at-sale-laboratory. So, immediately this occurred in 2015, there was no need to renew the licence with the PMMC”.
“Subsequently, we moved on to the Minerals Commission to obtain an export licence. There has never been a singular instance, or a plural instance or multiple instances where the PMMC revoked the licence of Menzgold or MenzBank Ghana Limited. It’s never occurred.
“So when Mr Opare Hammond does so, he’s engaged in economic defamation, he’s engaged in undermining the integrity and reputation of Menzgold,” Mr Akuffo Added.
He advised the PMMC MD to stick to the dictates of his office, saying, “he oversteps the boundaries of the jurisdiction allotted to him by his office. He is not the public relations officer of the Minerals Commission. He is responsible for the conducts of staff and the regulations of the PMMC.”
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