Menzgold ‘temporarily’ halts gold vault business after SEC pressure

Gold dealership firm

“Following the notice from the Securities and Exchange Commission of Ghana issued on the 7th day of September, 2018, the Management of Menzgold Ghana limited in its bid to bring some finality to the issues once and for all has decided to place a temporal halt on all extra value payments and any new business related to our Gold Vault Market,” the statement said.

This comes a day the gold dealership firm was directed by the Securities and Exchange Commission (SEC) to shut down its trading activities.

The latest standoff with SEC triggered mass panic withdrawals from the firm, with customers besieging Menzgold’s East Legon office on Wednesday to demand their deposits.

“The halt takes effect from Thursday 13th September and will be in place for 6 days, by which time we believe all pending issues related to the Gold Vault Market Product would have been ironed out.“We are certain this halt would not go beyond the 19th day of September, 2018,” added the statement.

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Read Menzgold’s full statement below:

GOLD VAULT MARKET PRODUCT SERVICES TEMPORARILY HALTED Following the notice from the Securities and Exchange Commission of Ghana issued on the 7th day of September, 2018, the Management of Menzgold Ghana limited in its bid to bring some finality to the issues once and for all has decided to place a temporal halt on all extra value payments and any new business related to our Gold Vault Market. The halt takes effect from Thursday 13th September and will be in place for 6 days, by which time we believe all pending issues related to the Gold Vault Market Product would have been ironed out.We are certain this halt would not go beyond the 19th day of September, 2018. This decision, though very unfavourable to us has been informed by our commitment to the rule of law, absolute respect to state agents, agencies and total submission to the state. We would, as usual count on your understanding and cooperation during this period. For any further clarification please call 0303 976 961 or 020 111 3287.Any inconvenience caused is deeply regretted. Thank you.Signed Management, MENZGOLD