Menzgold shut down by SEC with immediate effect

The Security and Exchanges Commission has shut down popular gold investment firm Menzgold on suspicion of malfeasance.

The Securities and Exchanges Commission (SEC) of Ghana moved to close down the operations of Menzgold Ghana Limited with regards to taking deposits for gold investments.

A letter from the SEC has been sighted by YEN.com.gh and it details the reasons for their action.

There has previously existed certain areas of misunderstanding in the operations of Menzgold. The Bank of Ghana had even warned Ghanaians against patronising the offers of Menzgold.

The company is owned by Nana Appiah Mensah as well as his investments in media and entertainment through Zylofon Media.

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The letter from the SEC states: “Accordingly, the SEC hereby directs Menzgold Company Ltd to shut down immediately the business of trading in gold collectibles with guaranteed returns to clients which constitutes, in essence, dealing in securities with neither the necessary license nor disclosures authorised by the SEC. No new contracts should be created and all advertising of the investment business halted with immediate effect.”

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Menzgold boss Nana Appiah Mensah is yet to issue any statement with regard to this order.

This a developing story. YEN.com.gh will bring you the details as and when they come in.

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Source: YEN.com.gh