The High Court in Accra has thrown out Menzgold Ghana Limited’s suit filed against the Security and Exchange Commission [SEC] and the Bank of Ghana [BoG].
The court which was presided over by Mrs Justice Akua Amoah, threw out the suit based on a preliminary legal objection raised by BoG and SEC.
The two entities had argued that Menzgold was not able to exhaust all the regulatory mechanism for redress before heading to court.
The court in an agreement with the two regulatory entities dismissed the suit by Menzgold.
The suit by Menzgold
In September, 2018 after Menzgold’s licence was revoked by SEC, it dragged SEC and BoG to court.
The company claimed that the activities of the two entities are dangerous to its business.
According to the company, notices issued by SEC and BoG in relation to its operations were “arbitrary, capricious and contrary to articles 23 and 296 of the 1992 Constitution.”
Menzgold, thus, among other reliefs, wanted a declaration from the court that its activities did not fall under the scope of the BoG or the SEC’s regulations.