The Securities and Exchange Commission(SEC) has ordered Menzgold Ghana Limited to Suspend its operation with immediate effect. Successafrica.info can confirm.
A statement dated September 7 sited by the news team of successafrica.info. SEC said it has thoroughly investigated the activities of Nana Appiah Nensah’s gold firm does not have the lincense to trade in gold collectibles from the public.
The statement said that interactions with representatives of Menzgold confirmed to SEC the view that the aspect of Menzgold’s business which involves purchase and deposit of gold collectibles and guaranteed returns is a capital market activity under Act 929 without a valid license issued by SEC which contravenes the law.
The statement further added that subsequent requests have been made by SEC to Menzgold’s lawyers to provide SEC with specific detailed information on the operations of the firm.
The supply of those documents, however, does not guarantee Menzgold to continue the mentioned aspects of Menzgold’s business.
“That aspect poses a threat to unsuspecting and uninformed investors,” SEC said in the statement.
SEC also ordered that no new contracts of such should be created and all advertisement on same should halt.
It added that failure to comply would force SEC to enforce the directive through alternative means.
Menzgold is, however, free to continue purchasing gold from small-scale miners and exporting same.
See statement below..
