- Menzgold has been shut down by the Securities and Exchange Commission (SEC)
- The SEC said Menzgold’s trading activities were illegal
- But the management of Menzgold has assured the public to remain calm because all investments with them were safe
The management of Menzgold Limited has asked the general public to keep calm in the wake of the company being shut down.
The Securities and Exchange Commission (SEC) shut down the gold trading company following some allegations, according to an earlier report by YEN.com.gh.
According to the SEC, Menzgold was dealing in the purchase and deposit of gold collectibles from the public, and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.
This, according to the SEC, is in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
Therefore, it ordered Menzgold to desist from its trading activities.
In a response, the management of Menzgold has issued a statement assuring clients and investors of safe investment.
The management also descried the release of such information to the public by the SEC, calling it “distasteful”.
Among many things, the Menzgold management revealed that the company had contacted its lawyers, assuring customers that the right action will be taken on the matter soon.
Please read the full statement here:
“The Management of Menzgold Ghana finds it very unfortunate that a letter relating to business discussions between the organization and the Securities and Exchange Commission has found its way to the public.
“Menzgold in the wake of the Bank of Ghana warning to the public to desist from doing business with the organization availed itself to all relevant State Institutions for various consultations and dialogues designed to arrived at a productive and sustainable resolution. One of such organizations is the Securities and Exchange Commission with whom we are hopeful of arriving at a cordial resolution to all matters if any, then we submit to its standards,”.
Menzgold however expressed concerns over:”This needless leaks believed to be coming from the Securities and Exchange Commission or the Bank of Ghana, is in a very bad faith and distasteful; as it defeats our confidence in the bodies and an upfront to cooperation of which we totally condemn.
“We find its rather very interesting that, the same note from the SEC that seems to forbid new transactions on grounds on illegality, is directing the promotion of existing ones by the same letter. A clear contradiction, ill-principled and a shot in the foot.
“As a law abiding organization, we have referred the matter to our lawyers and rest assured, the right action shall be taken.
We hereby assure all our cherished customers that neither Menzgold as a business entity nor any of its products has been shut down. We urge for calm as we deal with this matter to its logical conclusion.
Your gold trades are very safe and business is proceeding as usual”.
This is not the first time Menzgold has been in the news for a controversy.
YEN.com.gh recently reported on the brawl between the Bank of Ghana and Menzgold, after the collapse of five banks.
Celebrities including Sarkodie’s wife, Tracy Sarkcess, also descended on BoG, asking it to go after the banks and leave Menzgold alone.
She also said that the BoG must know the difference between those squandering money and those helping the masses.
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Source: Yen Newspaper