Apparently, Ghana has become a lawless nation where people can do whatever they want without the laws grabbing their butts ─ how can a gold dealership company (Golden Empire Legacy) operate for 13 years without being licensed under the Securities and Exchange Commission (SEC)?
Golden Empire Legacy Limited, the current record of music duo, Keche is not licensed by the Securities and Exchange Commission to trade in gold but the question is, how were they able hide under the nose of SEC for 13 years without a license? The case of institutions in Ghana failing to put mechanisms into place to check illegalities.
According to the Director General of the SEC, Daniel Ogbarmey Tetteh, even though there hasn’t been a single issue of customers not receiving their dividends from Golden Empire Legacy Limited but they are not licensed with SEC ─ the regulator in charge of licensing gold dealership companies in Ghana.
Daniel Ogbarmey Tetteh in an interview on Citi FM cautioned Ghanaians planning to invest with them to be cautious since SEC isn’t done with investigating into their operations.
“We have received some notice through the usual channels by which people notify us of these schemes and we will follow our usual due procedure in advising clients. But it is important for investors to always ask questions and one important question is to find out the underlying investment because when somebody promises a high return and further states that the return is guaranteed, it means that there is high risk involved, he said.
It’s obvious that SEC got to know of Golden Empire Legacy Limited after they signed Ghanaian music duo, Keche for a whopping US$ 500,000 with cars and houses for 2 years and started running advertisements on social media.
Now, if you’d followed with keen interest the issues of Nana Appiah Mensah’s Menzgold, you will realise that they started having issues with SEC and BoG after they penetrated the Ghanaian Entertainment industry and started signing musicians and celebrities for huge amounts of money ─ and that was the end.
For a company that has existed for 13 years, will surely have a number of customers and looking at how things are unfolding, we are likely to have another version of Menzgold-SEC-BoG brouhaha in the coming months.
As to what led to the decision of the CEO of Golden Empire Legacy Limited, Joana Gyan to penetrate the entertainment industry and sign Keche for a whopping US$ 500,000 with a house and cars is the question many have asked.
Don’t forget, SEC has cautioned Ghanaians to be careful when dealing with Golden Empire Legacy Limited because they aren’t a licensed entity.