The managing director of the Insight Newspaper, Mr. Kwesi Pratt Jnr has descended on Menzgold and its CEO over the brouhaha involving the gold marketing firm, the Securities and Exchange Commission (SEC) and Bank of Ghana (BoG).
He revealed this when speaking on the current trend of issues and accusation that the government of Ghana is deliberately trying to collapse Menzgold owned by Nana Appiah Mensah.
According to the renowed Journalist, Taxi drivers, market women and every citizen of Ghana is regulated and have rules to follow laid down rules by the state, therefore, Menzgold has no right to demand to be left alone. According to him, the entity is not above the law.
Menzgold temporarily halted parts of its operations on September 13, 2018, following a directive from the Securities and Exchange Commission (SEC).
This was after several warnings from the Bank of Ghana (BoG) which went unheeded. But some customers are protesting against the suspension of the operations of Menzgold saying their individual investments are at risk.
“Why should we spare someone saying if his company flouts the law and we’re sanctioning it, it will disturb some people? Whose company you touch won’t worry other people…The Securities and Exchange Commission and Bank of Ghana are protecting us, why then do we fight them?” he questioned.
According to Kwesi Pratt, the management of Menzgold should comply with the directives of SEC and acquire the right documents and licence to operate as a gold company.
Mr. Pratt further questioned why Menzgold had not opted for legal address if it felt it was wronged.
“In Ghana we have courts, all the way to the Supreme Court. If what the Securities and Exchange Commission is doing is unlawful, why doesn’t Menzgold go to court? They should go to court and air their grievances.”
He added that for such a company, the only guarantee for customers “is that the regulatory institutions that oversee them look at them and confirm that what they do is legitimate or not.”
Menzgold has been directed by SEC to shut down operations for operating without a license. In a letter dated 7th September, the Securities and Exchange Commission directed Menzgold to stop taking deposits from individuals because it’s a violation.
Menzgold initially rubbished he notice but within 24 hours released a new statement pledging to comply with the directive.
Meanwhile, Menzgold Ghana Limited has hired an international law firm, Baker & McKenzie LLP, as it prepares for a legal confrontation with the Securities and Exchange Commission (SEC).
In a letter to the SEC and the Minerals Commission sighted by thepublisheronline.com, the London-based legal firm informed the two regulators that it had been contracted by the gold trading company to represent its interests.
The letter acknowledged Menzgold’s receipt of the directives from the SEC and added that it will provide a response in due course explaining why its operations are in line with the laws of Ghana.