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Business News of Friday, 12 October 2018

Source: citibusinessnews.com

SEC responds to Menzgold suit to appear in court

Sec Menzgold Saga SEC on September 7 ordered Menzgold to suspend its operations with the public

The Securities and Exchange Commission (SEC) has filed an appearance to respond to a suit brought against it by Menzgold.

The gold dealership company has sued the SEC and the Bank of Ghana asking that the court directs the two institutions to stop interfering in its business.

Menzgold in its writ also wants the court to stop the two regulators from publishing what it described as “derogatory notices” against its business.

The suit was filed on September 27 and the two regulators have two weeks to respond.

Citi News sources indicate that the SEC has filed to appear before court when the case is officially called.

Menzgold is now battling with its clients over payment schedules for their matured extra values.

Some of the customers have also threatened to take legal action against the company if their demands are not met within stipulated periods.