Court Dumps Menzgold Suit Against Bank Of Ghana and Security and Exchange Commission

An Accra High Courts has dismissed a court suit filed by embattle gold dealership firm Menzgold against the Bank of Ghana (BoG) as well as the Securities and Exchange Commission (SEC).

Menzgold through the suit were seeking to challenge the authority of the central bank and SEC that allowed them to intervene in their gold vault market operation which has subsequently led to the near collapse of the gold dealership firm.

The suit comes in the wake of the issuance of a warrant on January 9 by an Accra High Court for the arrest of Nana Appiah Mensah, Rose Tetteh, Benedicta Appiah, and Abigail Mensah, among others. The court warrant explains that the suspects are to help with investigations relating to “defrauding by false pretence contrary to section 131 of 29/60”.

After receiving the writ however, the Accra High Court has been reported to have thrown out the suit.

Menzgold has been struggling to pay its customers after it was asked to stop operations of its gold vault market by SEC over regulatory infractions and the issue of the firm not being licensed to take deposits.

After being unable to pay its customers since August last year, aggrieved customers have been going on a number of demonstrations to express their grievances whiles appealing to the government to step in and retrieve their monies for them.