Lawyer Kwame Akuffo
Lawyer of Menzgold Company Limited, previously known as MenzBank, Kwame Akuffo, has indicated that claims by Precious Mineral Marketing Company (PMMC) with respect to the revocation of MenzBank’s operating licence are not supported by any record.
Managing Director of PMMC, Kwadwo Opare Hammond, in an interview with the media, said Menzgold was violating Ghanaian law in its gold dealings in the country.
Mr. Opare Hammond disclosed that although Menzgold was granted a licence in 2014, it had long been revoked.
The MD also complained about the 7 to 10 percent interest that Menzgold was reportedly offering to ‘depositors.’
But in response, Lawyer Akufo flatly dismissed the claims by the PMMC Managing Director, saying “PMMC’s position with respect to the revocation of MenzBank’s licence is not supported by the record.”
According to him, PMMC’s claim “is intended to undermine the integrity of the business entity (Menzgold),” daring Mr. Opare Hammond to make public the said revocation document.
Menzgold Ghana Limited has come under regulatory pressure after Bank of Ghana (BoG) on Monday, August 6, 2018, published a notice, announcing that Menzgold’s deposit-taking activities are in breach of Section 6 (1) of Banks and Specialized Deposit-Taking Institutions Act 2016 (Act 930), as it has, reportedly, not been licensed.
In that notice, the Central Bank observed that it was in discussions with other relevant regulatory authorities aimed at taking appropriate action against Menzgold, but the company later released a strong-worded statement in which it categorically denied allegations by the Bank of Ghana.
However, true to the words of Bank of Ghana, the Economic and Organized Crime Office (EOCO) subsequently invited the Chief Executive Officer (CEO) of Menzgold Ghana Limited, Nana Appiah Mensah, for questioning over claims made by the Central Bank.
But Lawyer Akufo is contending that contrary to the claims by PMMC that Menzgold’s licence has been revoked, there is evidence that in August 2014, Menzgold, then Menzbank, applied for a gold trading licence.
According to him, “The licence was granted after monies and necessary registrations had been paid. The licence was from September 4, 2014 to September 4, 2015.”
Subsequent to the expiry of the licence, he stated, my client (Menzgold) applied for a renewal, which was granted on November 3, 2015 to expire on November 2, 2016.
The lawyer further contended that “there has never been an occasion where the licence issued to Menzgold Ghana Limited was revoked by any governmental entity.”
He debunked claims that Menzgold was operating illegally.
PMMC’s Independent Status
With PMMC becoming an independent assayer following a court case between the state entity and the Gold Exporters Association of Ghana, the lawyer was of the firm belief that Menzgold does not have to renew its licence anymore, lamenting that “Mr. Opare Hammond’s claim has caused economic deficit for his client.”
The lawyer explained that “we do not need a licence from the PMMC. What is happening in the republic now is that nobody has a commodity trading act.”
He said: “My clients are engaged in commodity trading. That is why the Bank of Ghana, for example, in 2012 has never issued a notice to say don’t deal with them.”
“After six years, the Bank of Ghana has not been able to say anywhere in this republic that what they are doing is illegal per se,” he added.
By Melvin Tarlue
Most Watched Videos
Most Read News
- Here are the capitals of the newly created regions
- Ahmed Suale Came To My House Jittering—Nyantakyi
- National Folklore Board Signs Contract To Protect Folklore
- "It's a joy to see my two sons playing for Bayern and Barcelona"- KP Boateng' father
- 'I condemn Nana B for slapping Sammy Gyamfi' - Failed NPP Youth Organizer
- You Have Surprised Me, Ex-President Mahama!
- Menaye shades Asamoah Gyan with photo of Muntari and son plus 'DNA' caption
- Date For 2019 BECE Revised
- Manasseh Azure Awuni exposes corrupt female appointee at Jubilee House
- Police Administration reshuffles senior officers
- Why There Will Not Be Another Biafra
- This is how angry man punished rat for chewing his phone charger
- Step mum who left boy’s hand to rot after cutting it sentenced
- Asamoah Gyan is a disgrace; must be ashamed of himself now – Ghanaians
- FLASHBACK: I'll die for NAM 1 because of his money - Willi Roi
- VIDEO: Anokye Supremo’s body finally arrives in Ghana
- Shatta Wale and Andy Dosty go on a twitter war - both threaten each other for digging their own graves
- I did not justify 'bloody widow' placards – Sam George sets record straight
- Takoradi: Audio Tape Exposes Arrested Kidnapper
- The Oracle Played A Game Of Chess In Dagbon With The Rise Of Naa Abubakari Mahama (Naa Gariba II)
- Hear Ye the Truth, the Family of the Late Tiger Eye PI Journalist Ahmed Hussein-Suale
- 3 reasons why a first degree is not valued in Ghana anymore
- Nkoranza NPP youth defect to NDC over Techiman capital
- Huge Crowd At Agyarko’s Funeral
- Bawumia Attends World Economic Forum
- Police Make Headway In Anas Boy’s Murder
- Concerned Police Officer Writes To The President
- Asabke Breaks Down In Court, Afoko Expresses Outrage
- LIVE UPDATES: Ghana vs Mali (U-20 AFCON)
- FLASHBACK: Jesus' second coming may never happen – Willi Roi
- I exchanged phones with Okyeame Kwame for a week – wife reveals
- Ahead Of 2020 Elections: NPP Activist Dares Mahama To Put His Family At The Battlefront
- GES Directive For WR School Heads
- Chantelle Asante rocks her baby bump on Instagram!
- Pretty Lady Who Just Graduated Dies In Car Crash Few Days To Her Wedding
- Public Workers To Enjoy Digitised Payments From July
- Significance of Nana Addo’s yellow smock at Yaa-Naa’s investiture explained
- Volta Region Erupts For John Mahama
- Kotoko Shops For Holding Midfielder
- Corporal Punishment: Compliance On Ban Needs More Than ‘Threat’ Of Sanction
- Ghana Post MD, New Board Members Meet Asantehene Otumfuo
- Body of football player Emliano Sala found in plane wreckage