Gold dealership firm, Menzgold Ghana is reported to have engaged the services of UK and Wales based law firm, Baker & McKenzie, a Limited LiabilityPartnership to join forces with their local counsel, Kwame Akuffo & Co.
This follows a directive by the Securities and Exchange Commission, SEC, asking Menzgold to suspend operations.
The Commission asked Menzgold to suspend its trading activities because it was not licensed to do so, a decision that has engendered bitter discussions and panic among the company’s investors.
But the law firm has in a letter dated September 14, 2018 and addressed to the Deputy Director-General of the Securities and Exchange Commission, Paul Ababio and copied to the Chief Executive Officer of the Minerals Commission, served notice it will in the next few days set out why it is convinced that Menzgold has done no wrong to deserve a shutdown of its operations.
On the contrary, Baker & McKenzie says it “strongly believes” Menzgold is “fully in compliance with all aspects of the laws of Ghana including, without limitation, the Securities Industry Act 2016.”
The Company will as a demonstration of good faith and willingness to fully cooperate with the Securities and Exchange Commission, desist in specific activities outlined in the SEC Communication, while the matter is resolved.
Meanwhile, the Securities and Exchange Commission has set up a conditional meeting with Menzgold on Tuesday (September 18), to resolve issues arising from the directive to shut down, but the Commission insists it will only meet with Menzgold if the latter provides some information requested of it.
