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Gov’t Has No Commitment To Menzgold Investors – Ken Ofori-Atta

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The Minister of Finance, Mr Ken Ofori-Atta has clarified that the government was not under any lawful commitment to pay people whose funds have been secured up by Menzgold.

Ascribing the choice of individuals to put resources into the organization as unadulterated insatiability, Mr Ofori-Atta uncovered that a portion of the influenced people were individuals from staff of BoG, Ministry of Finance and the military and other trustworthy foundations across the nation.

Conveying a discourse at the third capital market meeting and 20th commemoration  of the Securities and Exchange Commission (SEC), he said the organization had no permit from essential state bodies to work.

He said much as the issue was aggravating, the administration was not committed to financial specialists of the gold dealership which was putting forth as much as 120 percent profit for every year.

Mr Ofori-Atta was clear cut in expressing that clients had put their monies in Menzgold at their very own danger.

He said “as we attempt to tidy up the budgetary administrations focus, I realize the SEC has descended hard, solid and reasonably on Menzgold. In any case, the issue with an organization of Menzgold, it has turned into an issue of selfishness as a people and our very own conduct, when we are so clear as taught as we may be that when we went there, there was no permit.”

“I think it isn’t in the place of government to subsidize or recover your cash for you. It was an undeniable snare that you went into. Possibly we as an industry ought to likewise push the entire issue of training and strengthening so individuals don’t fall prey to that,” Mr Ofori-Atta proceeded in the midst of cheers and reverberating acclaim from the group of onlookers.

Foundation

The Securities and Exchange Commission (SEC) on September 12, 2018 coordinated gold exchanging firm Menzgold Ghana Limited to close down their venture tasks with quick impact for repudiating the Securities Industry Act, 2016 (Act 929).

The SEC request additionally cautioned Menzgold to end promoting their venture business and halt from making new contracts with contributors.

As indicated by a letter routed to the Menzgold CEO, Nana Appiah Mensah by the SEC examinations directed by the controller discovered that Menzgold’s business which included the buy/store of gold from the general population and contracts issued with guaranteed returns with clients was a capital market activity which could not be conducted without a valid license issued by the SEC.

The letter dated September 7 and marked by Paul Ababio, the Deputy Director-General of the SEC, cautioned that the disappointment of Menzgold to conform to the mandate will prompt the SEC utilizing other pertinent measures under the law to implement conpliance.

“The SEC has acutely pursued and researched the activities of Menzgold Ghana Ltd (hereinafter alluded to as Menzgold) since 2017 including paying a working visit to the head office of the organization on 23rd August, 2018 by a few authorities of the SEC to additionally comprehend the tasks of the organization where a gathering was held with Mr.Nana Yaw Offei, Commercial Manager and Rev. Derek Akubia, a counsel to the CEO,” a piece of the letter peruses..

“The associations with Mr. Offei and Rev. Derek Akubia affirmed to the SEC the view that the part of Menzgold’s business which include the buy/store of gold collectibles from the general population and contracts issued with guaranteed returns with customers is a capital markets movement (issuance of gold supported safe notes to people in general) under ACT 929 without a substantial permit issued by SEC as opposed to area 109 of Act 929 with outcomes under segment 2016 (I) of the equivalent.”

The SEC said Menzgold’s coordinated effort amid their examinations does not make parts of their activities any less illicit. It proceeded to depict Menzgold’s business activities as a risk to clueless and ignorant financial specialists.

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