Menzgold Suspends Operations Temporarily After SEC Pressure

Menzgold Ghana Company has announced that it has temporarily halted its duties and any other new business related to its gold vault market with immediate effect.

According to the company, the halt of what is also called extra value payments takes effect from today Thursday, September 13 and will be in place for six days, “by which time we believe all pending issues related to the Gold Vault Market Product would have been ironed out.”

Menzgold Ghana Limited was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

According to the SEC, Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

The SEC said: “It is our expectation that being your licencee, MINCOM, would call Menzgold to order and direct it to conduct its business in accordance with the licence issued to it by MINCOM”

“Following the notice from the Securities and Exchange Commission of Ghana issued on the 7th day of September, 2018, the Management of Menzgold Ghana limited in its bid to bring some finality to the issues once and for all has decided to place a temporary halt on all extra value payments and any new business related to our Gold vault market,” a statement from management of Menzgold stated.

According to the company, it is halting operations for six days with the hope that all pending issues would have been resolved by then.

“We are certain this halt would not go beyond the 19th day of September 2018. This decision, though very unfavourable to us has been informed by our commitment to the rule of law, absolute respect to state agents, agencies and total submission to the state,” the statement added.

Read The Full Statement from Menzgold: 

Following the notice from the Securities and Exchange Commission of Ghana issued on the 7th day of September, 2018, the Management of Menzgold Ghana limited in its bid to bring some finality to the issues once and for all has decided to place a temporal halt on all extra value payments and any new business related to our Gold Vault Market.

The halt takes effect from Thursday 13th September and will be in place for 6 days, by which time we believe all pending issues related to the Gold Vault Market Product would have been ironed out.

We are certain this halt would not go beyond the 19th day of September, 2018.

This decision, though very unfavourable to us has been informed by our commitment to the rule of law, absolute respect to state agents, agencies and total submission to the state.

We would, as usual count on your understanding and cooperation during this period. For any further clarification please call 0303 976 961 or 020 111 3287.

Any inconvenience caused is deeply regretted. Thank you.

SIGNED

Management, MENZGOLD