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We’ll Be Watching Menzgold’s Online Platform – SEC   
 
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08-Nov-2018  
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The Securities and Exchange Commission (SEC), has said it will be keeping a close eye on Menzgold Company Limited’s online ventures.

Menzgold Ghana is set to launch an online gold store, a buying and selling market platform, known as Menzgold Global Market on Monday.

While it remains unclear how the company will be operating online, the SEC said it will intervene if it determines Menzgold is working within its purview.

“We have also picked signals in public on the issue about an online business. We are monitoring. As long as it offends our legal or regulatory regime, we will come into play,” the Head of Legal and Enforcement at SEC, Nii Oman Badoo said at a press soirée. “As long as that platform falls within the regulatory regime of the SEC, the SEC will act,” he also stated.

Mr. Badoo said the SEC has limited information at the moment and will be working to get a clear picture of Menzgold’s operations.

“For now, it is very limited information that they have launched an online platform so when such information comes, we have an investigation team; we will investigate if there is a platform like that and we will look at the features of the platform. Once it falls within an activity that must be regulated within Act 129, the SEC will advise itself. If it doesn’t fall within our regime, we will not say anything.”

Menzgold said its platform will see traders on the “Global Vault Market,” an offline gold market, being migrated onto the global online market at a fee.

This is geared towards keeping their gold buying and selling business active online, to forestall any payment impediments in the subsequent months.

Menzgold was asked to suspend its gold trading operations with the public by the SEC.

According to the SEC, Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

This, the SEC said this was in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”

The company was however cleared to continue its “other businesses of assaying, purchasing gold from small-scale miners and export of gold.”

Despite initial protests, Menzgold complied with the directive. It has however failed to fully pay its numerous aggrieved customers the value on their gold deposits as well as their entire investments.

As a result of this, the suspicion that the company was operating a scam has heightened.

The Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah, popularly known as NAM 1, has assured customers of the embattled company that Menzgold will not collapse.

He, however, did not indicate when the thousands of their stranded customers will get the value on their gold or be given their entire investments.

“I believe that with every issue, dialogue can resolve it. We are all Ghanaians, and we are working for Ghanaians in good faith. We have hopes that this issue will end peacefully and all stakeholders will help us.”

 
 
Source: citifmonline
 
 

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COMMENTS




Name: Kwaku
Kobii, I think you need some education on investment because the 91 day t'bill is even 14.31 per cent and so your analysis does not add up. By the way, have you ever done any investment before or you are just talking because you have heard people speak.
 
Name: Kwabena Marfo
Government, SEC and BoG had planned to collapse Menzgold. They have been so humiliated that Menzgold is on its feet again. They cannot now say they do not have a license because they now operate internationally and not in Ghanaian territory. The Customers are now being migrated to the UK platform and will operate under UK Menzgold, mind you, this is NOT a WHATAPP platform as SEC was trying to make us believe that they have not seen the platform launched as promised on 5th November. SEC is now covering its shame by venting its anger on the customers and issuing threats and intimidation. A yery big shame to SEC for attempting to make Ghanaians lose all their investments and the government coming out to say it has brought down inflation and stabilized the cedi.
 
Name: Lawlessness
A company that obviously has defrauded thousands of Ghanaians is allowed to retain a business license to continue doimg business with the public while obviously owing billions to investor's and investigations are not even initiated against this obviously illegal business entity for civil and criminal improprieties. Lawlessness and incompetence
 
Name: Kobii
Efua, it is the unbridled greed by people like you which has resulted in the likes of NAM 1 duping you of your life savings. Ask why someone will offer you 21% and the other 7% if they are operating from the same financial market. Its simple, either the one offering 21% is involved in something illegal or its just one of those PONZI schemes. I do not know when my fellow countrymen and women will learn some simple sense.
 
Name: Efua Robertson
I went to check on my investment status at Consolidated Bank. The defucnt Beige bank described as incompetent by the government gave me 21% but the so-called competent Consolidated bank says it will give me 7% interest for the same 3 month period. This is ***barred word***. Akufo Addo and his government want to make Ghanaians paupers. I can assure them that if they continue to give us these insulting interest rates, even if Menzgold were to die today, more Menzgolds are going to spring up!
 



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