Beleaguered gold trading firm, Menzgold has sued the Bank of Ghana and the Security Exchanges Commission (SEC) over the suspension of its operations over regulatory issues.
Menzgold in its writ is demanding among other things: “A declaration that the Plaintiff’s business does not fall within the present legislated scope of the Banks and Specialized Deposit -Taking Institutions Act 2016 (Act 930);
“A declaration that Plaintiffs business activities does not fall within the present legislated scope of the Security Industry Act 2016 (Act 929);
- A declaration that the 10 Defendant’s Notices No. BG/GOV/SEC/2018/12 and BG/GOV/SEC/2017/24 dated 6th August 2018 and 28th November, 2017 respectively have hurt the business reputation of the Plaintiff;
- A declaration that the 2nd Defendant’s Notice No. SEC/PN/002/09/2017 dated 22^J September 2017 has harmed the business reputation of the Plaintiff;
- A declaration that the lo Defendant’s Notices No. 13G/GOV/SEC/2018/ 12 and BG/GOV/SEC/ 2017/ 2-1 dated 6th August 2018 and 28th November, 2017 respectively are an abuse of the Defendant’s discretionary powers contrary to Article 23 and Article 296 of the 1992 Constitution; 1. A declaration that the 2nd Defendant’s Notice No. SEC/PN/002/09/2017 dated 22m September 2017 is an abuse of the Defendant’s discretionary powers contrary to Article 21 and Article 296 of the 1992 Constitution.
The suit has been occasioned by a directive by SEC to suspend their gold vault trade and the registration of new customers.
Meanwhile, the firm will this afternoon address the media over their impasse with the Bank of Ghana and the Securities and Exchange Commission.
“Please accept our sincerest apologies for the late notice. Menzgold Ghana would like to invite you to a brief press conference today, 27th September 2018 at 4pm at the Conference Hall of Zylofon Media located at #40 Lagos Avenue, Opposite Mensvic Hotel, East Legon, Accra,” the company said in a terse invitation to the media.
-Starrfmonline