SEC Orders Menzgold To ‘Closed Down’

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The Securities and Exchange Commission  (SEC) has ordered gold trading investment firm, Menzgold, to shut down its operations in the country immediately.

It has also asked the company which has been on the warpath with the Bank of Ghana, not to take new contracts (investments) and also halt the broadcast and publishing of all its adverts forthwith.

The decision according to SEC is in violation of operating permits adding “Accordingly, the SEC hereby directs Menzgold Company Ltd to shut down immediately the business of trading in gold collectibles with guaranteed returns to clients which constitutes, in essence, dealing in securities with neither the necessary license nor disclosures authorised by the SEC. No new contracts should be created and all advertising of the investment business halted with immediate effect.”