Menzgold saga: Court throws out suit against BOG and SEC

An Accra High Court has dismissed a writ filed by gold dealership firm, Menzgold Ghana Limited against the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) in which the troubled firm challenged the authority of the two state institutions as far as their intervention in its gold vault market operations were concerned.

This comes in the wake of the issuance of a warrant for the arrest of Nana Appiah Mensah (NAM1), CEO of Menzgold, Rose Tetteh, Benedicta Appiah, and Abigail Mensah, among others.

The court warrant explained that the suspects are to help with investigations relating to “defrauding by false pretence contrary to section 131 of 29/60”.

Menzgold has been struggling to pay its customers after it was asked to stop operations of its gold vault market by the (SEC) over regulatory infractions. The BoG has also issued several cautions to the public to desist from engaging in business transactions with Menzgold as the gold-dealership firm was not licenced to take deposits.

The troubled company, since August last year, has not been able to pay its tens of thousands clients’ extra values or principal investments following a directive to the company by the Securities and Exchange Commission (SEC) to shut down over regulatory infractions.