Audio By Carbonatix
The Securities and Exchange Commission (SEC) is praying an Accra High Court to dissociate it from a being defendant in a case brought before it by some customers of the defunct Menzgold Gold Dealership.
The Commission has been named as a defendant in the landmark case following the collapse of the firm leaving customers’ funds locked up.
Menzgold customers, in an attempt to reclaim their lost deposits, dragged government to court over what it describes as the state’s failure to protect them against a Ponzi scheme.
About 28 of them are seeking a civil claim of ¢11 million in reliefs.
But the SEC has since moved a motion for the court to relieve them from being defendants over suggestions that “the rules of this Honourable court have not been complied with” in the plaintiff’s presentation of case.
In a latest twist, the Commission has also pleaded with the court that “action is “premature as the mandatory local or domestic remedies provided under the Securities Industries Act, 2016 (Act 929) have not been complied with by the plaintiffs.”
Meanwhile, lawyers for the aggrieved clients of the company are expected to move a motion to keep them as defendants.
Represented by Amanda Clinton, the customers want the state agencies including other defendants to be held accountable for the losses suffered by the clients in the Menzgold debacle.
The court is expected to sit on Thursday, January 21, 2021, to examine the merits of the Commission’s motion.
The other defendants are; Bank of Ghana, the Economic and Organized Crime Office (EOCO) and the Attorney General’s Department.
Latest Stories
-
Ghana’s refining capacity yet to shield fuel market from global shocks – CEMSE Â
14 minutes -
New train service connects Finland and Sweden for first time in decades
23 minutes -
Tonto Dikeh unveils new ministry
30 minutes -
Honey, they’ve shrunk our Mars Bars
34 minutes -
Ho Teaching Hospital Board urges government to operationalise Korean Exim Bank loan
36 minutes -
AKSA Energy case: Emails, names of recipients key to proving Ghanaian officials’ involvement – Kpebu
48 minutes -
Luv FM Kel-Charcoal Debate kicks off with thrilling wins for Wesley Girls and CHRISSEC
2 hours -
No Roof, no future: Ghana’s rent crisis is turning survival into a luxury
2 hours -
Domestic violence in Ghana: The crisis behind close doors
2 hours -
AKSA Energy case: Ghana has evidence to trigger own accountability process – Osae-Kwapong
2 hours -
TUSAAG backs GAUA strike over unresolved pay disparities
2 hours -
BoG and SEC roll out Ashanti NaVALI initiative to drive responsible virtual asset adoption
2 hours -
Corporate Ghana, international community present relief donations to government following June 29 disaster
3 hours -
AKSA Energy deal: Ghana must conduct own investigations despite US conviction – Osae-Kwapong
3 hours -
Guinness Ghana DJ Awards 2026 Pub Fest set for Winneba on August 15
3 hours