The gold trading firm Menzgold has responded defiantly with a statement threatening legal action after a letter from the Securities and Exchange Commission (SEC) concerning the company and its dealings was leaked to the public.
The letter, addressed to Menzgold Ghana, stated that the firm had no licence to operate under the SEC’s regulations and thus should be shut down.
The letter was leaked to the public and Menzgold has responded with a statement, accusing the SEC and the Bank of Ghana of negotiating in bad faith.
According to the statement, Menzgold has availed itself to state authorities to aid in discussions of the way forward following the recent skirmishes between itself and the Bank of Ghana.
As part of that process, they have been in talks with the SEC and the letter, part of that process, has been intentionally leaked.
In their fiery statement, Menzgold vowed: “As a law abiding organization, we have referred the matter to our lawyers and rest assured, the right action shall be taken.”
“We hereby assure all our cherished customers that neither Menzgold as a business entity nor any of its products has been shut down. We urge for calm as we deal with this matter to its logical conclusion.
“Your gold trades are very safe and business is proceeding as usual.” the statement continued.
Read full Menzgold Ghana statement as obtained by GhanaCelebrities.Com below…
The Management of Menzgold Ghana finds it very unfortunate that a letter relating to business discussions between the organization and the Securities and Exchange Commission has found its way to the public.
Menzgold in the wake of the Bank of Ghana warning to the public to desist from doing business with the organization availed itself to all relevant State Institutions for various consultations and dialogues designed to arrived at a productive and sustainable resolution.
One of such organizations is the Securities and Exchange Commission with whom we are hopeful of arriving at a cordial resolution to all matters if any, then we submit to its standards.
This needless leaks believed to be coming from the Securities and Exchange Commission or the Bank of Ghana, is in a very bad faith and distasteful; as it defeats our confidence in the bodies and an upfront to cooperation of which we totally condemn.
We find its rather very interesting that, the same note from the SEC that seems to forbid new transactions on grounds on illegality, is directing the promotion of existing ones by the same letter. A clear contradiction, ill-principled and a shot in the foot.
As a law abiding organization, we have referred the matter to our lawyers and rest assured, the right action shall be taken.
We hereby assure all our cherished customers that neither Menzgold as a business entity nor any of its products has been shut down. We urge for calm as we deal with this matter to its logical conclusion.
Your gold trades are very safe and business is proceeding as usual.