Menzgold Sues Bank of Ghana and SEC

MenzGold Ghana

Menzgold Ghana Limited has sued the Bank of Ghana and the Securities and Exchange Commission at the Commercial Division of the High Court for alleged illegal decisions and notices that the gold dealing firm says have harmed its business.

Menzgold is asking the court to make some declarations bordering on the nature of its business, as well as restrain the two regulatory bodies from further ‘baseless’ acts and to award exemplary damages against them.

Among the specific reliefs sought by Menzgold are;

a. 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).

b. A Declaration that Plaintiff’s business activities does not fall within the present legislated scope of the Security Industry Act, 2016 (Act 929);

c. A Declaration that the 1st 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;

d. A Declaration that the 2nd Defendant’s Notice No. SEC/PN/002/09/2017 dated 22nd September 2017 has harmed the business reputation of the Plaintiff; and

e. A Declaration that the 1st Defendant’s Notices No. BG/GOV/SEC/2018/12 and BG/GOV/SEC/2017/24 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.

The rest of the reliefs are for;

f. A Declaration that the 2nd Defendant’s Notice No. SEC/ PN/002/09/2017 dated 22nd September 2017 is an abuse of the Defendant’s discretionary powers contrary to Article 23 and Article 296 of the 1992 Constitution;

g. A Declaration that the directives contained in the letter of 7th September 2018 was an abuse of the 2nd Defendant’s discretion as same was arbitrary, capricious and contrary to Article 23 and Article 296 of the 1992 Constitution;

h. An order setting aside the directives contained in the 2nd Defendant’s letter dated 7th September 2018;

i. An order of the Court directed at the lst and 2nd Defendants to publish an unqualified retraction and an apology with the same
prominence with respect to the Notices dated 6th August 2018 and 22nd September 2017 respectively;

j. An order of Perpetual Injunction to restrain the 1st and 2nd Defendants, its officers, servants and agents from interfering with the Plaintiff’s business activities or further acts of disobedience and non-compliance with law by publishing any such derogatory Notices;

k. Exemplary and Aggravated Damages for the harm caused to the Plaintiff’s business reputation;

l. An order specifying a time limit within which the judgment of this Court should be complied with;

m. General Damages; and

n. Cost inclusive of the Plaintiff’s Legal Fees.

Source: www.graphic.com.gh

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