We can’t help you – Parliament tells Menzgold

Parliament will be unable to intervene in the ongoing standoff between gold dealership firm Menzgold and the Securities and Exchange Commission (SEC), Chairman of the Finance Committee of Parliament Mark Assibey-Yeboah said Friday.

Troubled gold dealership firm, Menzgold Ghana Limited, petitioned parliament to as a matter of urgency step in to amicably resolve its regulatory issues with the Securities and Exchange Commission (SEC) so it can be able to clear all entitlements owed its clients.

In the petition to parliament’s Finance Committee dated 3 December 2018 and signed by Corporate Manager Offie Nana Yaw on behalf of the CEO, Menzgold said it wants members of the committee to intervene in the standoff for the benefit of its customers.

“We humbly write to your high office to intervene and help resolve this matter amicably,” portions of the petition said.

Speaking to the media on the matter, Mr Assibey-Yeboah said Menzgold had been forewarned about the illegality of its operations and its consequences while the firm surfed the edge of chaos months ago.

“The government warned those who put their monies there… and as late as February 2017 Menzgold came to the Finance Committee of Parliament and then we told them what they are doing was illegal.

“At that point, if anyone wanted to take out their funds they would have been able to do so. I think they are crying over spilt milk. People are comparing this one to DKM. DKM was regulated by the Central Bank.

“So in a sense, it was like one of the seven banks that have gone under water. But Menzgold was not regulated by SEC neither was it regulated by the Bank of Ghana,” he said.

Menzgold in its petition is asking for “a comprehensive payment plan to pay off completely all customers who wish to discontinue their trading of gold collectibles