The Deputy Minister of Finance, Charles Adu Boahen says Menzgold would not be allowed to operate again and that management must pay depositors their monies without failing.
The deputy minister said this at the JoyBusiness Financial Service Forum themed “The Changing Tide of Ghana’s Financial Service Sector: The Cause, The Cost, the Clean up” monitored by Ghanatalksbusiness.com.
Mr Adu Boahen disclosed that “With the Menzgold issue, I think it is clear that the end is here. He is done.”
The gold trading company owned by Nana Appiah Mensah was shut down from operating by the Securities and Exchange Commission after the company failed to submit some documents demanded by the state institution.
The company has since the shutdown has not been able to submit the required documents yet and decided to challenge the decision by SEC in court, but we don’t know the progress of their battle with SEC in court yet.
Menzgold had earlier on indicated that it was going to pay off depositors their principal but there’s been a back and off and change of dates on when exactly clients would be settled, but the latest development according to ghlinks.com.gh is that, the company wants to move its trading activity online, so those still interested in working with them can meet them there.
According to the Deputy Minister, after several cautions from the Bank of Ghana and the Security and Exchange Commission, Menzgold has not been able to produce any legitimate license to the regulators thereby making their activities in the financial sector illegal.
Mr Charles Adu Boahen, however, stressed that despite the fact that Menzgold’s activities have been terminated, the Management must pay every depositor’s money without default.