High court dismisses Menzgold suit against SEC

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An Accra High Court has dismissed a suit filed against Securities and Exchange Commission (SEC), over regulatory powers.

On September 12, 2018, the SEC first told Menzgold to stop gold trading operations with the public.

According to the SEC, Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

The court presided by Justice Akua Sarpomaa Amoah maintained that Menzgold did not resolve its dispute with SEC before heading to court.

This action by the high court comes after an Accra Circuit Court issued a warrant for the arrest of embattled businessman Nana Appiah Mensah after his investment company, Menzgold, failed to refund client’s monies.

NAM-1, as he is popularly called, is wanted for defrauding by false pretense. He is also wanted for money laundering

The dismissal comes after a court issued a warrant for the arrest of CEO of the company, Nana Appiah Mensah, who is accused of defrauding by false pretense and is also suspected to have been involved in money laundering.

Ghana | Atinkaonline.com | Vivian Adu Boatemaa