Alexander K. K. Abban[/caption] 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.
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”.