We’ve not filed for Bankruptcy – Menzgold

Menzgold has flagged as fake what appears like a cut newspaper article making rounds on social media suggesting that the company has filed for bankruptcy.

The article among others claims Menzgold filed the broke-notice at the High Court in Accra this week.

The development comes as customers of the gold trading firm continue to weary over the payment of their premiums following the order from securities and exchange Commission (SEC) for the company to shut its gold vault.

Although the company has said it will pay customers their full premiums withing 90 days, some customers have expressed disgust over the payment.

Meanwhile, the company has sued SEC over the shut down order.

Menzgold in its writ against the BoG and SEC is demanding among other things: “A declaration that the Plaintiff’s business does not fall within the present legislated scope of the Banks and Specialized Deposit -Taking Institutions Act 2016 (Act 930);

“A declaration that Plaintiffs business activities does not fall within the present legislated scope of the Security Industry Act 2016 (Act 929);

“A declaration that the 10 Defendant’s Notices No. BG/GOV/SEC/2018/12 and BG/GOV/SEC/2017/24 dated 6th August 2018 and 28th November 2017 respectively have hurt the business reputation of the Plaintiff;

“A declaration that the 2nd Defendant’s Notice No. SEC/PN/002/09/2017 dated 22^J September 2017 has harmed the business reputation of the Plaintiff;

“A declaration that the lo Defendant’s Notices No. 13G/GOV/SEC/2018/ 12 and BG/GOV/SEC/ 2017/ 2-1 dated 6th August 2018 and 28th November 2017 respectively are an abuse of the Defendant’s discretionary powers contrary to Article 23 and Article 296 of the 1992 Constitution; 1. A declaration that the 2nd Defendant’s Notice No. SEC/PN/002/09/2017 dated 22m September 2017 is an abuse of the Defendant’s discretionary powers contrary to Article 21 and Article 296 of the 1992 Constitution.”



The suit has been occasioned by a directive by SEC to suspend their gold vault trade and the registration of new customers.