Tag: Menzgold
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We’ve not blocked Menzgold’s dividend payments – SEC
The Securities and Exchange Commission (SEC) has denied reports by gold dealership Company, Menzgold, that it has stopped it from paying dividend on its gold vault business to customers. SEC says its decision was rather to stop Menzgold from taking deposits on that particular service. But Menzgold insists it is unable to pay their customers their…
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Menzgold extends gold vault suspension
Gold dealership firm, Menzgold will not open to the public today [September 19, 2018] contrary to its earlier promise. Customers who hope to engage the firm on their gold dealership services will have to wait till September 28. Menzgold temporarily shut down following an impasse with the Securities and Exchange Commission, regulator of the capital…
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SEC orders closure of unlicensed investment companies
The Securities and Exchange Commission (SEC) has issued a strong warning asking all unlicensed financial investment schemes to close down their operations or risk facing the law. The Commission is cautioning that the activities of such entities pose a threat to the financial sector which need to be stopped. The SEC says the unlicensed institutions…
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Menzgold’s woes won’t have huge impact on financial sector – Economist
The closure of parts of the operations of gold trading company, Menzgold, won’t significantly impact Ghana’s financial sector. Economist, Professor Godfred Bokpin, explained that the development is as a result of investors’ risk which regulators cannot be entirely blamed for. The SEC has ordered the immediate suspension of the gold deposit-taking business of Menzgold. A…
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Give EOCO unfettered access to Menzgold – Asiedu-Mante
A former Deputy Governor of the Bank of Ghana, Emmanuel Asiedu-Mante has backed the investigations into the operations of Menzgold by the Economic and Organised Crime Office (EOCO). In his view, the probe is necessary if the sanctity of the financial sector is to be upheld. Mr. Asiedu-Mante’s comments come on the back of the…
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Bank of Ghana’s warning ‘unfortunate’ – Menzgold
The management of trading company Menzgold Ghana Company Limited has expressed grave concerns over the Bank of Ghana’s (BoG) threat of taking punitive actions against them. The company said the BoG’s warning was ‘unfortunate.’ The central bank had indicated that it was moving against Menzgold. According to the regulator, Menzgold, which is known as a…
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Sanction Menzgold if found culpable – Nana Otuo
The Bank of Ghana must invoke its power to sanction Menzgold if it views its activities as flouting provisions of the Banks and Specialized Deposit-Taking Institutions Act (Act 930). According to Banking Consultant, Nana Otuo Acheampong, failure to punish the company over possible grounds of breaching the law may result in a repetition of the…
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Occupy Ghana demands probe into Menzgold saga
Pressure group, Occupy Ghana is demanding thorough investigations into the operations of Menzgold to protect consumers from any undesirable impact on the unsuspecting public. Occupy Ghana is among others concerned that the inability of the Bank of Ghana, the Securities and Exchange Commission (SEC) and the Minerals Commission (MinComm) to clarify the operations of Menzgold…