Menzgold Company Limited was shut down by the Securities Exchange Commission following some allegations.
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.”
READ ALSO: Shut up - Sarkodie replies Shatta Wale
Therefore, the commission ordered Menzgold to desist from its trading activities.
This may come as a disappointing news to some key celebrities who defended Menzgold some time back when the company had a brawl with the Bank of Ghana.
Due to the shutdown of the gold trading company, these celebrities would feel somewhat ashamed that the defend it but it had still been shut down.
1. Tracy Sarkcess: Sarkodie’s wife was in heavily in the news for descending on the Bank of Ghana when it declared intention to close down Menzgold. Tracy defended the company, calling on BoG to pursue the banks and leave Menzgold alone. Tracy also admonished the BoG to know the difference between those squandering money and those helping others.
2. Shatta Wale: As controversial as he is, Wale also waded into the BoG-Menzgold brawl, calling on President Akufo-Addo to intervene. In a series of tweet he sent to Akufo-Addo, Shatta Wale said he would be disappointed in the president if he refuses to speak for Menzgold. According to him, the Zylofon boss, Nana Appiah Mensah, was creating jobs for the youths of Ghana, therefore his businesses must be supported rather than attacked.
3. Akoo Nana: The hiplife musician was one of the celebrities who defended Menzgold. As at the time Menzgold had the brawl with BoG, Akoo Nana had just been signed onto Zylofon Music, therefore, he felt the urge to support his new boss and his business.
There are other celebrities who would not be happy with the shutdown of Menzgold.
They include Joselyn Dumas, Jackie Appiah, who have been seen in Menzgold’s adverts over the past years.
It is no news that all members of the Zylofon group including Becca, Zynnell Zuh, Joyce Blessing, James Gardener, Stonebwoy, Toosweet Annang, Benedicta Gafah, Kumi Guitar, Bibi Bright, and others, would also be affected negatively over Menzgold shutdown.
Meanwhile, Nana Appiah Mensah has reacted angrily to the treatment meted out to Menzgold.
In an earlier report by YEN.com.gh, the Zylofon boss indicated that he is also a Ghanaian and deserves to be allowed to do his businesses without any attack.
They also revealed that the company’s lawyers have been contacted the deal with the ‘betrayal’ from the Securities Exchange Commission.
READ ALSO: Stonebwoy must sue Shatta Wale - Odi Ahenkan
Ghana News: President Akufo-Addo Receives Remains of Kofi Annan | #Yencomgh
Have national and human interest issues to discuss?
Know someone who is extremely talented and needs recognition?
Your stories and photos are always welcome. Get interactive via our Facebook page