SEC orders immediate shutdown of Menzgold

The Securities and Exchange Commission (SEC) has ordered gold trading investment firm, Menzgold, to shut down its operations in the country immediately.

It has also asked the company which has been on the warpath with the Bank of Ghana, not to take new contracts (investments) and also halt the broadcast and publishing of all its adverts forthwith.

According to SEC, evaluation of Menzgold’s documentations show the company does not have the licences to trade in gold, and that, its operations are in breach of Act 929 “as well as a threat to unsuspecting and uninformed investors”.

SEC in a suspension notice dated September 7, warned it will be compelled to take “measures under the law” to enforce the directive if Menzgold fails to comply.

“This directive does not preclude you from continuing your other businesses of assaying, purchasing gold from small scale miners and the export of gold,” the directive signed by Paul Ababio, Deputy Director General of SEC added.

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