Menzgold’s online platform being monitored – SEC

The head of Legal and Enforcement unit at the Securities and Exchange Commission (SEC), Nii Oman Badoo has noted the regulator will be monitoring the so-called online platform being introduced by embattled gold firm Menzgold.

According to him, SEC will act appropriately if the platform violates the regulatory regime of the country.

Menzgold announced the online platform to replace their initial business of trading gold with customers and paying dividend at their offices.

The company has advised its customers to migrate to the online platform in order to continue to enjoy dividend as was being done earlier until they were stopped by SEC.

Speaking to the media in Accra, Mr. Badoo said his out has limited information on the platform but will not hesitate to step-in if it offends the laws of the land.

“We have also picked signals in public on the issue about an online business. We are monitoring. As long as it offends our legal or regulatory regime, we will come into play."

“As long as that platform falls within the regulatory regime of the SEC, the SEC will act."

“For now, it is very limited information that they have launched an online platform so when such information comes, we have an investigation team; we will investigate if there is a platform like that and we will look at the features of the platform."

"Once it falls within an activity that must be regulated within Act 129, the SEC will advise itself. If it doesn’t fall within our regime, we will not say anything.”