Home   >   Business   >   Business News   >   201808





Menzgold Not Licensed For Deposits, Sanctions On The Way – BoG   
 
  << Prev  |  
 
07-Aug-2018  
Comments ( 2 )     Email    Print
       
 
 
 
 
Related Stories
 
The Bank of Ghana will soon take punitive measures against the trading company,  Menzgold Ghana Company Limited.

According to the Bank of Ghana (BoG) Menzgold, which is known as a precious minerals trading company, is carrying out unlawful transactions by taking deposits.

In a public notice issued by the BoG, it said the company has no authority to engage in what it says are the “solicitation, receipt of money or investment and the payment of dividends or returns to its clients.”The central bank maintained that Menzgold is in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

BoG further said in spite of several warnings to the company, Menzgold continues to engage in the illegality; hinting that discussions were already underway with regulatory authorities to enforce the appropriate action on the company.

The central bank, however, cautioned the general public against transacting business with Menzgold.

“Accordingly, anyone who transacts any of the above-mentioned businesses with Menzgold Ghana Company Limited does so at his or her own risk and the Bank of Ghana will not be liable in the event of loss of investments or deposits.”
 
 
Source: citinewsroom.com
 
 

Comments ( 2 ): Post Your Comments >>

 
 
 
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.