• 3Sports
  • Home
  • MG Radio
3news
Advertisement
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus
No Result
View All Result
3news
No Result
View All Result
Home Business

I warned SEC about Menzgold in 2014 – NPP MP

January 9, 2019
Alexander K. K. Abban

The Member of Parliament (MP) for the Gomoa West constituency in the Central region, Alexander K. K. Abban, has revealed he warned the Securities and Exchange Commission (SEC) about the operations of now embattled gold dealership company, Menzgold, as far back as 2014 when he was lawyer for the Ghana Stock Exchange. 

According to the MP who spoke to Winton Amoah on 3FM’s Morning Show, Sunrise, he had asked the then lawyer of SEC, whom he called Callis Badu, that the business model of Menzgold required the SEC’s regulation.

“I spoke to the lawyer for Securities and Exchange Commission warning him that, look, from my learning and the way I look at the structure US Group of companies has put in place and the Menzgold thing had put in place, what they were doing was securities, so they should step in”, he claimed Wednesday morning.

The operations of Menzgold came to a halt following a directive from the SEC to close down.

RelatedPosts

GIPC investigates CHY Century Heng Yue Group after SEC warns public against company

January 20, 2021

SEC warns public against unlicensed companies

January 11, 2021

Banking crisis: Akufo-Addo blames regulatory agencies for failing to work

January 6, 2021

Read: SEC orders immediate shutdown of Menzgold

According to SEC, evaluation of Menzgold’s documentations show the company did not have the licences to trade in gold, and that, its operations are in breach of Act 929 “as well as a threat to unsuspecting and uninformed investors”.

While a section of the public blames the regulatory authorities for delaying to take actions to avert the situation, some blame the investors whose investments are currently locked up for failing to do due diligence.

For Mr. Abban, even though SEC issued a statement somewhere around 2015 to caution Ghanaians about the operations of the company, it did not do much to avert the situation.

In his view, SEC, the Bank of Ghana (BoG), and the Registrar General all failed as regulators in handling the situation, hence its degeneration to the point where depositors have had to lose their investments.

He also noted that even though the depositors are now “vulnerable” at the turn of events, they allowed greed to take the best part of them and could not decipher the genuity of the investment offer.

Meanwhile, the depositors are still embarking on demonstrations to mount pressure on the government to intervene in the matter to help retrieve their monies with the latest being Tuesday’s demonstration in Kumasi.

Read:Kumasi: Police intervention saves Menzgold properties from being burnt

By 3news.com|Ghana

Previous Post

Alarm blows: Investigators probe $180 million suspected UNIPASS ‘software theft’

Next Post

We’ve never arrested NAM1; we have no case against him – CID boss

Related Posts

Business

GIPC investigates CHY Century Heng Yue Group after SEC warns public against company

January 20, 2021
SEC warns public against unlicensed companies
Top Business

SEC warns public against unlicensed companies

January 11, 2021
Major Top Story2

Banking crisis: Akufo-Addo blames regulatory agencies for failing to work

January 6, 2021
Business

Payment of GH50k to customers of failed fund mag’t companies was on compassionate grounds

November 27, 2020
Business

Ghana’s banking sector remains highly liquid – BoG Governor

November 25, 2020
Major Top Story

Gov’t to pay each customer of failed Fund Management companies GH¢50,000

November 18, 2020
Next Post

We've never arrested NAM1; we have no case against him – CID boss

Discussion about this post

Stay Connected

  • 1.7M Fans
  • Trending
  • Comments
  • Latest

COVID-19: Hydrogen peroxide provides immediate protection – Prof Ayettey

January 22, 2021
20-year-old girl murdered at Doryumu

20-year-old girl murdered at Doryumu

January 12, 2021

Election Petition: EC admits possible errors in collation of presidential results

January 11, 2021

NDC heads to Supreme Court over the declaration of NPP & Fomena MP as majority in Parl.

January 18, 2021
Covid-19: Supply data on all tested persons in real time – Akufo-Addo to laboratories

COVID-19: More young people getting infected now – GMA

January 28, 2021
Ashgold goalkeeper’s trainer Amoako optimistic of beating Kotoko in regional derby

Ashgold goalkeeper’s trainer Amoako optimistic of beating Kotoko in regional derby

January 28, 2021
Covid-19: Travel remains the most affected sector in service – WTO

Covid-19: Travel remains the most affected sector in service – WTO

January 28, 2021

SC strikes out Mahama’s stay of proceedings application after lawyers announce withdrawal

January 28, 2021

Recent News

Covid-19: Supply data on all tested persons in real time – Akufo-Addo to laboratories

COVID-19: More young people getting infected now – GMA

January 28, 2021
Ashgold goalkeeper’s trainer Amoako optimistic of beating Kotoko in regional derby

Ashgold goalkeeper’s trainer Amoako optimistic of beating Kotoko in regional derby

January 28, 2021
Covid-19: Travel remains the most affected sector in service – WTO

Covid-19: Travel remains the most affected sector in service – WTO

January 28, 2021

SC strikes out Mahama’s stay of proceedings application after lawyers announce withdrawal

January 28, 2021
3news

3news.com is the fastest growing news portal in Ghana. Get all breaking news updates, latest news headlines, local and world stories, showbiz, lifestyle etc.

Follow Us

Browse by Category

Recent News

Covid-19: Supply data on all tested persons in real time – Akufo-Addo to laboratories

COVID-19: More young people getting infected now – GMA

January 28, 2021
Ashgold goalkeeper’s trainer Amoako optimistic of beating Kotoko in regional derby

Ashgold goalkeeper’s trainer Amoako optimistic of beating Kotoko in regional derby

January 28, 2021
  • 3Sports
  • Home
  • MG Radio

© 2021 Media General - Developed and managed by MG Digital.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • World
  • Showbiz
  • 3Sports
  • Lifestyle
  • Tilapia
  • MORE
    • Education
    • Features
    • Tech
    • Health
    • GMB
    • Mentor
    • Coronavirus

© 2021 Media General - Developed and managed by MG Digital.