Menzgold has sued the Securities and Exchanges Commission (SEC) and the Bank of Ghana, MyNewsGH.com has learnt.
The suit follows an order from SEC for Menzgold to close down its operations.
The suit was filed at an Accra High Court today. It is yet unclear what reliefs Menzgold is seeking from the court.
Yesterday, however, according to a letter sighted by MyNewsGh.com signed by Paul Ababio Deputy Director General, the decision according to SEC is in violation of operating permits adding “Accordingly, the SEC hereby directs Menzgold Company Ltd to shut down immediately the business of trading in gold collectibles with guaranteed returns to clients which constitutes, in essence, dealing in securities with neither the necessary license nor disclosures authorised by the SEC. No new contracts should be created and all advertising of the investment business halted with immediate effect.”
Source: MyNewsGH.com/Stephen Zoure/2018