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D-Day for Menzgold Customers …As It Sues BoG, SEC


Menzgold Ghana Limited has hauled the Bank of Ghana and the Securities Exchange Commission (SEC) before an Accra High Court for causing harm to its business reputation.

According to the lawyers of the gold dealership Company, its reputation was dented when the BoG issued a notice warning the public against any dealing with it.

“Anyone who transacts any of the above-mentioned business with Menzgold Ghana Company Limited does so at his or her own risk and Bog will not be liable to such clients and depositors in the event of loss.”

In a 12-page suit filed at the court yesterday, Kwame Akuffo. Lawyer for the plaintiff insists the reputation of his client has been harmed by the collective actions of the defendants.

A statement if claim filed ta the court stated among other that BoG on November 28, 2017 and August 6, 2018 issued a notice warning the public against any dealings with Menzgold.

This was followed by a notice from the SEC dated September 22nd, 2017 informing the general public that “Menzgold Ghana has neither been licensed nor their adverts sanctioned by the Securities and Exchange Commission (SEC) to carry out any activity in the Capital Market as mandated by Section 3(c)   of the Security Industry Act, 2016 (Act 929) and therefore Menzgold is not a SEC regulated entity.”

The Plaintiff through their lawyers, made it clear to the defendants that they do not accept deposits from customers or carry on deposit-taking business in the country.

However, SEC on September 7 proceeded to direct the Company to shut down its gold vault operations.

This, according to the plaintiff, has caused harm to their business reputation.

Per its Writ of Summons, the plaintiff amongst others, has asked the court to restrain two entities from unnecessarily interfering in its business.

Menzgold also wants the court to order the two institutions to publish an unqualified retraction as well as damages.

Pay Day

Meanwhile, the Company has announced that it will issue payments to its customers, today September 28.

This was announced yesterday in a press briefing held in Accra.

The Company has ordered it customers to only visit their branches on the date for their collections, “as the schedule is strictly reactant to avoid overcrowding at the various branches.”

“The firm cannot process any kind of termination until a healthy restoration is determined by the court. It is important to note that from these unwarranted obstructions Menzgold has at hundred percent unblemished records with regards to payment of extra values,” the Company said.

By: Emmanuel Yeboah Britwum

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