Nana Appiah Mensah’s issue with the Bank of Ghana has taken a new dimension as new report has it that the Securities and Exchange Commission (SEC) has written to his company, Menzgold Ghana, to stop trading in gold without licence from with immediate effect.
In a formal letter which was made to that effect and signed by the Deputy Director General, Paul Ababio, SEC concluded that after a thorough investigations into Menzgold activities, they realize that they do not operate within the confines of the law.
The letter reads;
“In September 2017, the SEC issued a public notice indicating that it does not regulate Menzgold. The SEC began further investigations into the activities of Menzgold in July 2018.
In August 2018, the Commission called for an inter-sectoral meeting that involved the Minerals Commission, Bank of Ghana and the Securities and Exchange Commission.
The Meeting concluded that it is evident Menzgold’s activities appear to go beyond the mandate authorized in its licence”.
The letter continued: “It is our expectation that being your licencee, MINCOM, would call Menzgold to order and direct it to conduct its business in accordance with the licence issued to it by MINCOM”.
It follows several warnings from the Bank of Ghana to the local gold firm, to stop trading in gold without licence.
The central bank, on 7 August 2018, issued a public notice, the fourth of many, that it was in discussions with relevant regulatory authorities to sanction Menzgold for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without a licence to do so.
When this news first broke out, Nana Appiah Mensah laughed the threats off and said his company has not flouted the law and consequently asked the general public to ignore whatever the BoG said about Menzgold.
Tracy Owusu, wife of Sarkodie also added her voice by saying Menzgold only deals with gold and nothing else.
What do we see now? We shall bring more update concerning this story.
Source: ghgossip.com
