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Menzgold sues BoG and SEC
The gold firm is demanding that the two regulatory authorities stay away from their business perpetually among others.
Nana Appiah Mensah, CEO of Menzgold and Zylofon Media
The suit said that Menzgold is demanding “an order of perpetual injunction to restrain the first and second defendant it offices, servants and agents from interfering with the plaintif business activities or further acts of disobedience and non-compliance with law by publishing any such derogatory notices.”
The writ was issued on Thursday (September 27, 2018).
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The gold firm owned by Nana Appiah Mensah has been in the news lately for what the Bank of Ghana cautioned the general public not to deposit money at the firm.
This caused a media war between the regulator and authorities of Menzgold.
Menzgold responded that they were not taking deposits and called on the general public to disregard the news.
The SEC later decided to investigate Menzgold and subsequently issued a statement for Menzgold to shut down with immediate effect in the trading of gold until further notice.
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In a letter dated September 7, 2018, which was signed by the Deputy Director General of SEC, Paul Ababio said that “the SEC hereby directs Menzgold Company Ltd to shut down immediately the business of trading in gold collectibles with guaranteed returns to clients which constitutes, in essence, dealing in securities with neither the necessary license nor disclosure authorised by the SEC.”
Even though Menzgold accused the SEC of exercising bad faith, they shut down operations and promised to resume on September 28, 2018.
However, Menzgold has sued the two regulators on September 27, 2018.
This leaves many wondering if the firm will begin operations on the stated date.
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