MenzGold sues Bank of Ghana and SEC

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The underfire company dealing in gold and other minerals has made a shocking move, amid their troubles with the state institutions

MenzGold Ghana has finally held the bull by the horns after suing the Securities and Exchange Commission (SEC) as well as the Bank of Ghana.

The embattled company is in court praying that the state’s institutions will be ordered to end their ‘unnecessary’ interferences in the company’s businesses, as well as further end the publishing of what they believe as “derogatory notices” against its business.

“An order of perpetual injunction to restrain the Bank of Ghana and Securities and Exchange Commission, its officers, servants and agents from interfering with Menzgold’s business activities or further acts of disobedience and non-compliance with law by publishing any derogatory notices.”

According to MenzGold, they also want the two institutions to render an unqualified retraction and apology for deliberately painting them black in the eyes of the masses, which has seriously affected their brand since their operations don’t even fall under the laws of the two bodies as perceived.

“A declaration that the plaintiff’s business does not fall within the present legislated scope of the Banks and Specialised Deposit Taking institutions Act 2016 (Act 930). A declaration that the plaintiff’s business does not fall within the present legislated scope of the Security Industry Act, 2016 (Act 929).”

AshesGyamera understands that the writ was filed by lawyer Kwame Boafo Akuffo from the Kwame Akuffo & Co. Unlimited law firm as they will be fighting on behalf of MenzGold.

This decision, obviously, will give MenzGold an ample time to restrategise on how to deal with the customers even after the September 28 declaration.

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