The Securities and Exchange Commission (SEC) has refuted claims that they were the brain behind the collapse of the gold trading hub, Menzgold.
The commission stated that Menzgold did not have the required license to operate in the trading of gold collectables.
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The Director-General of SEC, Rev. Dr Daniel Ogbarmey Tetteh stated that the accusations levelled against his outfit are baseless.
“I don’t think anyone will be right in saying that SEC was responsible for the collapse. If the model itself wasn’t viable it was meant to happen and it will just be someone trying to look for someone to wear the cap.
Anyone who says that SEC was responsible for the collapse of Menzgold, I think is being a bit disingenuous,” he stated.
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According to him, Menzgold collapsed because there was something fundamentally flawed with the business model which resulted in SEC instructing Menzgold to suspend their operations.
Currently, the CEO of Menzgold, Nana Appiah Mensah (NAM1) is allegedly in the hands of the security officers in the United Arab Emirates (UAE) regarding a gold scam.
Also, the Economic and Organised Crime Office (EOCO) has frozen the accounts on the embattled CEO and under investigation for defrauding by false pretence.
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