Mr Assibey-Yeboah made the comments after receiving a petition from Menzgold to intervene in the impasse between it and the Securities and Exchange Commission (SEC).
He said customers of Menzgold were warned multiple times by the Bank of Ghana about investing in Menzgold because its operations were illegal.
And also revealed that Finance Committee warned Menzgold about the illegality of its operations after the firm said that it is unable to pay its clients as a result of the directive by SEC.
SEC in September ordered the gold trading firm to suspend its operations with the public with immediate effect.
"The government warned those who put their monies there… and as late as February 2017 Menzgold came to the Finance Committee of Parliament and then we told them what they are doing was illegal.
“At that point, if anyone wanted to take out their funds they would have been able to do so. I think they are crying over spilt milk. People are comparing this one to DKM. DKM was regulated by the Central Bank.
“So in a sense, it was like one of the seven banks that have gone under water. But Menzgold was not regulated by SEC neither was it regulated by the Bank of Ghana,” he said.
Menzgold in it petition to parliament asked MPs to intervene in the impasse between it and SEC which, the company claimed has caused delays in paying its customers interest on their investments.
The company claimed in the petition to the Finance Committee of Parliament that the complete shutdown of its gold collectible vault by SEC has “caused a lot of serious challenges for the company and its customers [both local and foreign]”.
It thus want parliament to “intervene and help resolve this matter amicably”.
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