Menzgold defying SEC order to suspend investment operations

Gold trading firm, Menzgold Ghana Limited are defying a directive by the Securities and Exchange Commission (SEC) ordering the company to shut down their investment operations with immediate effect.

The SEC in a letter (dated September 7) to Menzgold CEO, Nana Appiah Mensah ordered the company to halt advertising of their investment business and desist from creating new contracts with depositors.

However, the company has continued operating since that date and has now released a defiant statement rubbishing that order.

According to them, their patrons can rest assured because their gold trades are safe and neither Menzgold as a business entity nor any of its products has been shut down.

The statement revealed that in the wake of the Bank of Ghana warning the general public to desist from doing business with Menzgold, the organisation availed themselves to all the relevant state institutions (including the SEC) for consultations to resolve all regulatory concerns.

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It also accused the SEC of being the source of the leak which they described as "in very bad faith and distasteful, as it defeats our confidence in the body and an affront to cooperation".

"One of such organizations 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," the statement 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!

"As a law-abiding organization, we have referred the matter to our lawyers and rest assured, the right action shall be taken".

Meanwhile, the Menzgold premises in East Legon has been thronged by hundreds of their patrons who are demanding their deposits.

Read the entire statement below;