News just broked today, 12th September 2018 that Securities and Exchange Commission (SEC) of Ghana has closed the Nana Appiah Mensah owned Menzgold for violating its operating permit.
Part of the letter authorizing the closure of the gold investment bank reads:
“Accordingly, the SEC hereby directs Menzgold Company Ltd to shut down immediately the business of trading in gold collectibles with guaranteed returns to clients which constitutes, in essence, dealing in securities with neither the necessary license nor disclosures authorized by the SEC. No new contracts should be created and all advertising of the investment business halted with immediate effect.”
The management of MenzGold has swiftly reacted to the report which is fast going in the media. According to the management, they find it unprofessional that the SEC has leaked the letter.
“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”, Part of the release reads.
They are accusing them of leaking the letter to the media which they are afraid will shake investors’ confidence in them. They have threatened to legally deal with the matter.
Menzgold also beseeched their investors to stay calm as they resolve the problem to reopen the establishment.
“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”, the statement reads.