General news of Sunday 13 January 2019
SEC should collaborate with the forces of order and order forces to examine Menzgold  A court of Accra gave the Securities and Exchange Commission (SEC) the go-ahead to go ahead and control the operation of Menzgold Ghana Limited as it dismissed a lawsuit filed by the gold dealership against the Bank of Ghana (BoG) and the SEC
This was after the court, presided over by Ms Akua Sarpomaa Amoah, welcomed the preliminary opposition raised by BoG and SEC
BoG and SEC claimed that Menzgold has not exhausted all the regulatory mechanisms for the correction before going to court.
SEC / The security agencies to descend on Menzgold
SEC should cooperate with the forces of the order and the forces of order, as well as the civil service, by contrast llare Menzgold.
The Securities and Exchange Commission, having rightly decided that it has the power to regulate Menzgold, wrote to the company to suspend the recruitment of new customers in its collectible gold business.
The SEC also asked Menzgold to present all documents on its operations for examination.
According to the regulator, if after the control the business model proved to be sustainable, SEC would have granted the license to Menzgold.
However, Menzgold wrote to SEC, arguing that the regulator has no authority to regulate it and refused to submit documents to the SEC.
Menzgold sues BoG and SEC in September 201
In order to prevent SEC from taking further action, Menzgold, in September 2018, sued BoG / SEC, arguing that the two regulators were missing of the legal authority to settle their affairs.
Then he proceeded to court by praying for an order ordering BoG and SEC to desist from interfering in his activities.
Menzgold further begged the court to withhold the two institutions from the further publication of any alleged derogatory notification
The suit stopped the SEC from investigations
Because of the cause, the SEC he could not proceed further with his investigations.
Now that the court has resolved the issue, SEC can now proceed with further action.
The case, filed in the commercial division of the High Court of Accra, described the two regulators as indulging in activities "harmful" to its operations.
Menzgold also wanted the two institutions to withdraw and apologize for the previous communications they had published.
He claimed that some communications issued by BoG and SEC in relation to his operations were "arbitrary, capricious and contrary to articles 23 and 296 of the 1992 Constitution".
Menzgold therefore wished an order to put aside the SEC directive of 7 September 2018 for the company to suspend its operations.
Also wanted, among other reliefs, a statement of the court that his activities
Nana Appiah Mensah skips the bail of EOCO
The Office for Crime Economic and Organized (EOCO) is said to have arrested Nana Appiah Mensah, chief executive director (CEO) of the gold dealership, and granted him bail, but violated the terms of the bail and withdrew.
Meanwhile, an Accra Circuit court has issued an arrest warrant for Nana Appiah Mensah, popularly called NAM1, and two of its directors.
The other two people are Madam Rose Tetteh and Benedicta Mensah, who are reported to be his wife and sister, respectively.
Deputy Police Commissioner Maame Yaa Tiwaa Addo-Danquah, the Director-General of the Criminal Investigation Department (CID), confirmed the arrest warrant.
The head of the CID confirmed that the chief of Menzgold had fled the country and was now a fugitive; therefore, his group had started the process for his arrest by INTERPOL in 194 countries.
He said that NAM1 was being investigated for money laundering and could be accused of fraud through false fiction, contrary to section 131 of law 29 (60).
On the mandate front, Nana Appiah Mensah is accused of fraud for a false claim contrary to section 131 of the law.
If convicted, the defendants could go to jail for 10 to 25 years.
The lawyer Samson Lardy Anyenini, in a Facebook post, noted that sections 132 and 133 show that it could be extremely difficult to support such an accusation during the trial against Nana Appiah Mensah.
This is because customers have signed a contract, has been doing business and benefited every month for more than five years and has reinvested their money over and over again in the business and this would make it difficult for prosecutors to support the business. prosecution.
FIC out to freeze assets
Meanwhile, media reports indicate that the Finance Intelligence Center (FIC) of the Bank of Ghana (BoG) had moved to freeze its assets.
The result of FIC's work would determine whether customers have a chance to recover all or part of their main investments.
Some wounded clients of Menzgold organized several protests, including one in the regional capital of Ashanti, Kumasi, last Tuesday to urge their appeal, through Asantehene, to the government to help them recover their investments.