Following a release by the Security and Exchange Commission (SEC) directing Menzgold to “shutdown immediately the business of trading in gold collectibles”, Menzgold has also released a statement assuring its customers that it was still open for business.
In a letter dated September 7, SEC said it has thoroughly investigated the activities of the gold dealership companyand has found that, the firm does not have the license to trade in gold collectibles from the public.
However, in a reply, Menzgold Company Limited described SEC’s statement as one in “very bad faith and distasteful; as it defeats our confidence in the body and an affront to cooperation.”
Menzgold further said that they have referred the matter to their lawyers and are rest assured to take the necessary actions in the coming days.
They further called for calm among its customers as their “gold trades are very safe and business is proceeding as usual.”
Menzgold Company Ltd, owned by business mogul Nana Appiah Mensah, has come under intense pressure from the Bank of Ghana and other regulatory bodies including the Precious Minerals Marketing Company (PMMC) questioning his legibility of the company to trade in gold.
Below is the statement from Menzgold
MENZOLD IS OPEN FOR BUSINESS
The Management of Menzgold Ghana finds it very unfortunate that a letter relating to business discussions between the organization and the Securities and Exchange Commission has found its way to the public.
Menzgold in the wake of the Bank of Ghana warning to the public to desist from doing business with the organization availed itself to all relevant State Institutions for various consultations and dialogues designed to arrive at a productive and sustainable resolution.
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.
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.
We hereby assure all our cherished customers that neither Menzgold as a business entity nor any of its products has been shut down.
We urge for calm as we deal with this matter to its logical conclusion.
Your gold trades are very safe and business is proceeding as usual.