Menzgold sues Bank of Ghana and Securities and Exchanges Commission over interference

Menzgold sues Bank of Ghana and Securities and Exchanges Commission over interference

- Menzgold Ghana Limited has sued Bank of Ghana and Securities and Exchange Commission

- The gold outfit is asking the court to get both parties grant them a retraction and apology

- Menzgold and SEC have been involved in a banter over the former's operations

Embattled gold dealership company, Menzgold Ghana Limited, has sued the Securities and Exchange Commission (SEC) and the central bank.

According to a report sighted by YEN.com.gh on Citinewsroom.com, the company in its suit is seeking from the court an order directing the two institutions to stop interfering in its business.

Menzgold also asked the court to stop the Bank of Ghana and the SEC from publishing what it described as “derogatory notices” against its business.

Menzgold sues BoG and SEC

Menzgold building. Credit: Graphic.com.gh
Source: UGC

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“An order of perpetual injunction to restrain the Bank of Ghana and Securities and Exchange Commission, its officers, servants and agents from interfering with Menzgold’s business activities or further acts of disobedience and non-compliance with law by publishing any derogatory notices.”

Menzgold also wants the two institutions to publish an unqualified retraction and apology for the notices they published against the gold dealership company.

It also wants the court to tell both the central bank and SEC that it’s gold dealership business does not fall under any of their laws.

“A declaration that the plaintiff’s business does not fall within the present legislated scope of the Banks and Specialised Deposit Taking institutions Act 2016 (Act 930). A declaration that the plaintiff’s business does not fall within the present legislated scope of the Security Industry Act, 2016 (Act 929),” the company stated in its writ filed by lawyer Kwame Boafo Akuffo from the Kwame Akuffo & Co. Unlimited law firm.

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Menzgold says it has decided to litigate the matter at the court because the regulatory bodies have threatened to continue with their action against it “unless restrained by an order of this court.”

Menzgold Ghana Limited was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

The gold outfit suspended its dividend payment and gold vault operations with hopes of returning to business on September 19.

However, inconclusive meetings between the two entities led to the suspension of Menzgold's activities being extended to September 28.

READ ALSO: Menzgold customer threatens to sue company

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Source: Yen.com.gh

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