The Economic and Organised Crime Office (EOCO) has invited the CEO of Menzgold Nana Appiah Mensah over the operations of the gold investment company.
The Bank of Ghana (BoG) on Tuesday, August 7, 2018 issued a public notice that it is in discussions with relevant regulatory authorities to sanction Menzgold Company Limited for engaging in “solicitation, receipt of money or investment and the payment of dividends or returns to its clients” without a licence to do so.
EOCO has taken the issue up to investigate the dealings of the “Gold hub”.
Sources close to the Executive Secretary of the anti-graft institution Mr. K.K. Amoah have told Starrfmonline.com the Menzgold CEO has been invited on several occasions to the Old Parliament House “but has failed to honour the invitations.”
“We’re looking for him. We’re not getting him on phone, but we’ll pursue it,” the reliable source noted.
Following the BoG’s public announcement, Starrfmonline.com understands EOCO has intensified its efforts to track down the philanthropist to “hold discussions about his business dealings.”
Central Bank’s claims
According to the Central Bank, Menzgold, which is known as a precious minerals trading company, is carrying out unlawful transactions by taking deposits.
Menzgold is currently operating with a license granted it by the Minerals Commission and the Ministry of Lands and Natural Resources.
In a public notice issued by the BoG, it said the company has no authority to engage in what it says are the “solicitation, receipt of money or investment and the payment of dividends or returns to its clients.”
The central bank maintained that Menzgold is in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
BoG further said in spite of several warnings to the company, Menzgold continues to engage in the illegality; hinting that discussions were already underway with regulatory authorities to enforce the appropriate action on the company.
“Accordingly, anyone who transacts any of the above-mentioned businesses with Menzgold Ghana Company Limited does so at his or her own risk and the Bank of Ghana will not be liable in the event of loss of investments or deposits.”