The Securities and Exchange Commission has ordered gold trading firm, Menzgold Ghana Limited, to suspend their operations with the public with immediate effect.
In a letter dated September 7, SEC said it has thoroughly investigated the activities of Menzgold and has found that, the Nana Appiah Mensah-owned firm does not have the license to trade in gold collectibles from the public.
The statement explained that interactions with representatives of Menzgold confirmed to SEC the view that the aspect of Menzgold’s business which involves purchase and deposit of gold collectibles and guaranteed returns is a capital market activity under Act 929 without a valid license issued by SEC which contravenes the law.
The statement added that subsequent requests have been made by SEC to Menzgold’s lawyers to furnish SEC with specific detailed information on the operations of the firm.
CEO of Menzgold, Nana Appiah Mensah
The supply of those documents, however, does not clear Menzgold to continue the mentioned aspects of Menzgold’s business.
“That aspect poses a threat to unsuspecting and uninformed investors,” SEC noted.
SEC also ordered that no new contracts of such should be created and all advertisement on same should cease.
It added that failure to comply would force SEC to enforce the directive through alternative means.
Menzgold is, however, free to continue purchasing gold from small-scale miners and exporting same.
Related stories:
Revealed: Menzgold not licenced to sell, trade gold locally
I’m sorry BoG; Menzgold boss eats humble pie
Find the statement below:
Have your say
More News Headlines
- Lordina Mahama bags Master of Laws degree in UK
- Desperate pet owner offers his home to whoever finds his lost dog
- Ban on hunting , capturing of wild animals begins August 1
- Sandwinners destroying water source for Asutsuare residents
- Methodist Church Ghana won't support same-sex marriage
- Gov't to establish permanent body to protect, ensure media freedom
- Advocacy group applauds NaCCA boss
- Germany, Norway support KAIPTC’s maiden Kofi Annan Peace and Security Forum
- Gov't reiterates commitment to protecting journalists
- Left to rot: $2m Hyundai Gallopers sold for $276k
- Anti-GMO groups to call foreign witnesses in GMO court case
- Adjaye refutes architects’ allegation - Says firm is doing legitimate business
- Newspaper headlines : Friday, July 19, 2019
- Teachers urged to encourage students to excel
- Police open investigation into fatal Akrokerri mine pit collapse
