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Tag Archives: Menzgold

Menzgold customers do not need compensation – Dr. Lord Mensah

Dr Lord Mensah - Lecturer, University of Ghana Business School

Economist, Dr. Lord Mensah has kicked against any form of compensation for embattled customers of gold dealership company, Menzgold. He explains that such a support is likely to encourage other forms of financial activities that breach the country’s financial laws. Dr. Lord Mensah’s comments come in the wake of recent calls by customers of Menzgold to be relieved of their plight. ...

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SEC responds to Menzgold suit to appear in court

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The Securities and Exchange Commission (SEC) has filed an appearance to respond to a suit brought against it by Menzgold. The gold dealership company has sued the SEC and the Bank of Ghana asking that the court directs the two institutions to stop interfering in its business. Menzgold in its writ also wants the court to stop the two regulators from ...

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Aggrieved customers give Menzgold 4-week ultimatum to pay returns

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A group calling itself aggrieved traders of gold dealership company, Menzgold has given the company a four-week ultimatum to pay 50% principal investments of all customers. The group made this known at a press conference to drum home their demands following the refusal of the company to honor contract obligations of paying them their investment returns. The press conference was ...

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Menzgold to pay customers their monies from Friday

MenzGold

Management of gold dealership company Menzgold, has announced that customers can visit branches of the company to demand their matured investment from tomorrow [Friday], September 28, 2018. Addressing a press conference today, Thursday, Corporate Affairs Manager of Menzgold, Nana Yaw Ofei, explained that the company will pay all its customers that were trading with them until September 12, when a ...

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Stay off our business; Menzgold sues BoG, SEC

Menzgold

Embattled gold dealership company, Menzgold, has sued the Securities and Exchange Commission (SEC) and the Bank of Ghana. The company in its suit is seeking from the court an order directing the two institutions to stop interfering in its business. Menzgold also asked the court to stop the Bank of Ghana and the SEC from publishing what it described as “derogatory notices” ...

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We’ve not blocked Menzgold’s dividend payments – SEC

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The Securities and Exchange Commission (SEC) has denied reports by gold dealership Company, Menzgold, that it has stopped it from paying dividend on its gold vault business to customers. SEC says its decision was rather to stop Menzgold from taking deposits on that particular service. But Menzgold insists it is unable to pay their customers their dividends due to the ban ...

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Menzgold extends gold vault suspension

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Gold dealership firm, Menzgold will not open to the public today [September 19, 2018] contrary to its earlier promise. Customers who hope to engage the firm on their gold dealership services will have to wait till September 28. Menzgold temporarily shut down following an impasse with the Securities and Exchange Commission, regulator of the capital market on the nature of ...

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SEC orders closure of unlicensed investment companies

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The Securities and Exchange Commission (SEC) has issued a strong warning asking all unlicensed financial investment schemes to close down their operations or risk facing the law. The Commission is cautioning that the activities of such entities pose a threat to the financial sector which need to be stopped. The SEC says the unlicensed institutions are able to lure the ...

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Menzgold’s woes won’t have huge impact on financial sector – Economist

Menzgold

The closure of parts of the operations of gold trading company, Menzgold, won’t significantly impact Ghana’s financial sector. Economist, Professor Godfred Bokpin, explained that the development is as a result of investors’ risk which regulators cannot be entirely blamed for. The SEC has ordered the immediate suspension of the gold deposit-taking business of Menzgold. A directive to Menzgold by the ...

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Give EOCO unfettered access to Menzgold – Asiedu-Mante

Menzgold

A former Deputy Governor of the Bank of Ghana, Emmanuel Asiedu-Mante has backed the investigations into the operations of Menzgold by the Economic and Organised Crime Office (EOCO). In his view, the probe is necessary if the sanctity of the financial sector is to be upheld. Mr. Asiedu-Mante’s comments come on the back of the Bank of Ghana’s caution to ...

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