Prove your allegations – Menzgold fires back at BOG

Chief Executive Officer of  the gold buying firm, Menzgold, Nana Appiah Mensah has rebuffed threats by the Bank of Ghana to penalise them for accepting deposits deeming it as “needless.”

However, Governor of the Central Bank, Dr. Ernest Addison revealed on Monday 22nd, May 2018 at a press briefing that Menzgold will soon be sanctioned, after preliminary probes showed that it is conducting business contrary to some provisions in the Banks and Specialized Deposit-taking institutions Act, 2016 (Act 930).

“What is clear to us is that they have a system that accept deposits from public. That is becoming very clear.” The governor of the Central Bank, Dr. Addison said this at the press conference to present highlights of the 82nd regular Monetary Policy Committee (MPC) meeting.

Reacting to the Central Bank’s claim, the CEO of Menzgold in a tweet Tuesday, 22nd May, 2018 challenged the Central Bank to prove its allegations.

“So what happened to the presumption of innocence under article 19(1)c?” asked Appiah Mensah, stating emphatically that   “MENZGOLD DOES NOT TAKE DEPOSITS. WE ARE LAW ABIDING. Respectfully, he who alleges must immediately discharge the burden of proof. Unsubstantiated utterances are needless. “The law is what the judge says it is,” the tweet stated.

“History Repeats Itself”

In the latter part of 2017, BoG issued a caution to the general public with regards to dealing with Menzgold because it was not licensed to take any deposits. The same claims of  breaching (Act 930), was alleged. The company however debunked that assertion and maintained that it was just involved in commodity trading, buying and selling of gold.

 

Chief Executive Officer of  the gold buying firm, Menzgold, Nana Appiah Mensah has rebuffed threats by the Bank of Ghana to penalise them for accepting deposits deeming it as “needless.”

However, Governor of the Central Bank, Dr. Ernest Addison revealed on Monday 22nd, May 2018 at a press briefing that Menzgold will soon be sanctioned, after preliminary probes showed that it is conducting business contrary to some provisions in the Banks and Specialized Deposit-taking institutions Act, 2016 (Act 930).

“What is clear to us is that they have a system that accept deposits from public. That is becoming very clear.” The governor of the Central Bank, Dr. Addison said this at the press conference to present highlights of the 82nd regular Monetary Policy Committee (MPC) meeting.

Reacting to the Central Bank’s claim, the CEO of Menzgold in a tweet Tuesday, 22nd May, 2018 challenged the Central Bank to prove its allegations.

“So what happened to the presumption of innocence under article 19(1)c?” asked Appiah Mensah, stating emphatically that   “MENZGOLD DOES NOT TAKE DEPOSITS. WE ARE LAW ABIDING. Respectfully, he who alleges must immediately discharge the burden of proof. Unsubstantiated utterances are needless. “The law is what the judge says it is,” the tweet stated.

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