Menzgold Ghana has responded to a series of new claims from the Securities and Exchange Commission (SEC).
In an interview on Joy News Tuesday, Deputy Director General of the SEC, Paul Ababio said even though the company’s activities have been temporarily suspended, they can still pay dividends to customers.
Paul Ababio’s statement sought to portray a picture that Menzgold can still pay its customers irrespective of the temporary halt by the SEC.
However, in a strongly worded statement, Menzgold has pushed back on the claim and said they can’t pay dividends if they can’t trade.
According to Menzgold, the dividends paid to customers is as a result of the company’s trading activities thus with the halt by the SEC they can’t pay dividends as Mr Ababio sought to portray.
“The Gold collectibles offered for trade by patrons of our Gold Vault Market Product are subject to our quality controls and traded for profit which is shared as Extra Value with the product owner or trader.” the statement released Tuesday, September 25th, said.
“Any act, order or instruction, therefore, designed or decreed to forbid Menzgold from trading makes it impossible to generate any revenue whatsoever out of which Extra Values are charged and paid to those entitled,”
Read full statement below…
25TH September 2018 MEDIA RELEASE
On an interview on Joy News TV earlier this evening, Deputy Director General of the Securities and Exchange Commission, Paul Ababio, indicated that, they hadn’t stopped MenzGold Ghana from paying matured extra values to customers and that, the directive was to desist from establishing new contracts.
We find this position rather surprising as it shows a clear dearth in the SEC’s understanding of our Gold Vault Market product and raises the question of the basis upon which they decided to shut it down.
The Gold collectibles offered for trade by patrons of our Gold Vault Market Product are subjected to our quality controls and traded for profit which is shared as Extra Value with the product owner or trader.
Thought provoking as these ambiguities on the part of the SEC may be, Menzgold Ghana is still committed to ensuring that business operations return to normalcy as soon as possible as the firm is deeply saddened by the social and economic inconveniences this decision and directive of the SEC has caused our Customers and the organization.
Menzgold Ghana assures all customers and patrons that all Gold trades are safe. The leadership of the firm will continue to engage with the relevant bodies to expedite the reimbursement of all entitlements.