The Securities and Exchange Commission has said in a Joy News interview that it has not stopped gold trading company, Menzgold, from paying its existing customers any monies due them as per their contractual agreements.
The deputy director of SEC,Paul Ababio,said this in his interview with Joy New’s Isreal Laryea on News Night.
Mr. Joshua Ababio also added that, Menzgold has not submitted to them the documents they asked for and that they are still waiting on them but the company in a press statement issued on 18th September, stated that Menzgold will be able to commence operations again on 28th September by which time they would have resolved their issues with SEC.
The deputy SEC boss stated that they want to ensure that the activities of Menzgold are regulated well since some aspects of the business fall under their jurisdiction and that of Bank Of Ghana.
He debunked the impression that, SEC had stopped Menzgold from honouring payments to it’s already existing customers and said that, the company can go ahead and pay its customers what they owe them per contractual agreements they have with clients but cannot take in any new deposits or customers until a decision is reached.
This is enough clarity and what this means is that old customers have a right to demand for their dividends from the company or decide to back out if they so wish, only that there will be a penalty.
Per the claims of SEC that Menzgold has not submitted to it, the necessary documents they have asked for yet, it’s obvious, even if that is done anytime this week, they wouldn’t be able to review all of it in hours or anytime before 28th September 2018 to give Menzgold the go-ahead to accept new customers.