Gold-trading firm, Menzgold Ghana Company, has accused the Securities and Exchange Commission (SEC) of bad faith.
The company has been directed by SEC to suspend its gold trading operations with the public, accusing it (Menzgold) of 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.
According to SEC, Menzgold actions contravene “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
However, in a statement, Menzgold said :“This needless leak believed to be coming from the Securities and Exchange Commission is, to say the least, in very bad faith and distasteful; as it defeats our confidence in the body and an affront to cooperation. We totally condemn it!”
It explained said it was very unfortunate that a letter relating to business discussions between the organisation and the Securities and Exchange Commission found its way to the public.
“Menzgold, in the wake of the Bank of Ghana’s warning to the public to desist from doing business with the organization, availed itself of all relevant state institutions for various consultations and dialogues designed to arrive at a productive and sustainable resolution.
“One of such organisations is the Securities and Exchange Commission with whom we have been hopeful of arriving at a cordial resolution to all matters, if any, then we submit to its standards, if we must.”
“This needless leak believed to be coming from the Securities and Exchange Commission is, to say the least, in very bad faith and distasteful; as it defeats our confidence in the body and an affront to cooperation. We totally condemn it!,” Menzgold said
According to the company , its lawyers are dealing with the matter and assured anxious customers that their “gold trades are very safe and business is proceeding as usual.”
Ghana | Atinkaonline.com | Barimah Saakwa