SEC hints of possible action on MenzGold operations

SEC hints of possible action on MenzGold operations
Source: Ghana | Bismark Awusah | JoyBusiness
Date: 05-06-2018 Time: 09:06:56:am

Securities and Exchange Commission (SEC) has indicated that it would soon take action on the operations of the gold-buying firm, MenzGold.

According to SEC, it has not given the firm any license to operate.

This follows leaks that the company’s dealings could be likened to derivatives trading which requires approval from the Securities and Exchange Commission. 

In an interview with JoyBusiness, Director General of SEC, Rev. Daniel Ogbarmey Tetteh said, “MenzGold doesn’t have a license from SEC and I think we have put out a notice to that effect.”

He said, “We have some people asking about MenzGold and we did say that they don’t have a license from SEC.”

I can tell you that SEC hasn’t issued any license to MenzGold. Their operations have been looked at and I believe at the right time the necessary directives would be given,” he added.

Other regulatory actions

The Bank of Ghana has also indicated that it would soon take action against the said firm as it is dealing in unlicensed “deposit-taking.”

The Minerals Commission and Ministry of Lands and Natural Resources have all told JoyBusiness that the license given to MenzGold only allows them to buy and export gold.

It is, however, unclear the action to be taken by the Securities and Exchange Commission (SEC).

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