Menzgold Ghana Limited has assured its loyal customers of paying back their investments in monetary values but has, however, stressed that dividends on investments made after September 12, 2018, won’t be paid, citing the shutting of its Gold Vault Market by the Security and Exchange Commission as the main reason.
And that commencing from the period mentioned above, the Corporate Affairs Manager, Nana Yaw Offei submitted that the business of gold trade has been and still dormant, hence attracting no returns.
“…. note however that the period starting Wednesday, 12th September to date while the Gold Vault Market has remained forcefully shut by the SEC regrettably shall not attract any forms of returns whatsoever, as the business of the gold trade has been and still dormant.”
The Securities and Exchange Commission has ordered gold trading firm, Menzgold Ghana Limited, owned by Nana Appiah Mensah to suspend their operations of purchasing and depositing of gold collectibles and guaranteed returns being a capital market activity.
In a letter dated September 7, SEC said it has thoroughly investigated the activities of Menzgold and has found that, it does not have the license to trade in gold collectibles from the public – and that the firm has contravened Act 929.
In their pursuit of challenging the suspension, Menzgold on Thursday, September 27, filed a suit against Bank of Ghana and the Security and Exchange Commission to seek whether not they have such right.
Below are some other reliefs being sought by Menzgold:
A declaration that the 10 Defendant’s Notices No. BG/GOV/SEC/2018/12 and BG/GOV/SEC/2017/24 dated 6th August 2018 and 28th November 2017 respectively have hurt the business reputation of the Plaintiff;
2. A declaration that the 2nd Defendant’s Notice No. SEC/PN/002/09/2017 dated 22^J September 2017 has harmed the business reputation of the Plaintiff;
3. A declaration that the lo Defendant’s Notices No. 13G/GOV/SEC/2018/ 12 and BG/GOV/SEC/ 2017/ 2-1 dated 6th August 2018 and 28th November 2017 respectively are an abuse of the Defendant’s discretionary powers contrary to Article 23 and Article 296 of the 1992 Constitution; 1. A declaration that the 2nd Defendant’s Notice No. SEC/PN/002/09/2017 dated 22m September 2017 is an abuse of the Defendant’s discretionary powers contrary to Article 21 and Article 296 of the 1992 Constitution.
Addressing concerns by their customers and the general public in Press Conference held at its office in East Legon, Nana Yaw Offei underscored Menzgold’s unblemished track record with regards to payment of extra values to traders in their 5years of operations.
It was also noted that per the shutdown of the gold trade Menzgold Ghana Limited cannot process any kind of termination on the Gold Vault Market until a healthy restoration is determined by the court.
Meanwhile, the firebrand firm has assured its customers of paying back their investments following a payment schedule starting from Friday, September 28.
Customers are therefore entreated to visit their branch on the date of collection as scheduled to avoid crowding of persons.
Ghana |Atinkaonline.com | Patrick Ofoe Nudzi