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 Opare Hammond disclosed that although Menzgold was granted a licence in 2014, it had long been revoked.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But Lawyer Akufo is contending that contrary to the claims by PMMC that Menzgold’s licence has been revoked, there is evidence that in August 2014, Menzgold, then Menzbank, applied for a gold trading licence.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
- BREAKING: CBN Revokes Skye Bank’s License
- Two Men Fight Over Who'll Sit At Front Seat Of A Bus In Lagos
- How People React To Adebayo Shittu Skipping NYSC
- Why PDP Lost In 2015 But Will Win In 2019 – Kwankwaso
- Democracy Should Work For The People
- Audit Service Chair Should Resign
- AGI Applauds Decision To Implement CTN Without Charges
- Luv FM High School Debate Lines Up Prempeh College vs Armed Forces; YAGSS vs KUGISS
- KMA Committee To Validate Shop Owners At Kejetia
- Standards And Poor's Global Lauds Ghana's Monetary Policy
- Boxing: Canelo beats GGG on points to win WBC and WBA middleweight titles
- Loaded Fuel Tanker Falls In Lagos, Emergency Officials Rescue The Situation (Photos)
- Akpabio and APC Leaders Attend Prayers For Buhari (Photo)
- ‘I Called Them Before I Have S*x With My Wife’ — Man Hypnotised By Scammers
- APC Lawmaker Caught Bathing In Market Ahead Of Osun Election
- 2019: PDP Strong Presidential Aspirants and Their Chances
- Flood Destroys 35 Edo Communities, Renders 30,000 Homeless
- Nigeria Ranks Among Least Performing Economies
- Journalist Becomes First Female LG Boss In Anambra
- Government Should Drastically Deal With BOST Oil Issues
- Free SHS And Double Track System Crucial
- Kenyan Eliud Kipchoge sets new marathon world record
- Akufo-Addo Claims Collapsed Banks Minimised Job Losses
- We Cannot Send People's Children To Private Schools
- I'm Not Responsible For Stacy's Death--Obengfo Doctor
- Collapse Of Banks Costs Taxpayers GHC12.7 Billion
- Atukwei Is Still Here With Us
- Kantanka’s Engine Display on Company’s Website Is Perfectly Savvy, Here’s Why
- The Development Of HIV Out Of The Virus Infectious Anemia Of Horses
- Fitness: This 20 minute cardio circuit lets you ditch the treadmill
- Girl Smarts: 14 ways you can help if you think a loved one is suicidal
- Politics: China is repressing an ethnic Muslim minority on an unprecedented scale — here are their excuses for imprisoning people
- Horror: Student stabs teacher to death
- Photos: Man arrested for stealing MPs’ toilet roll at Parliament House
- Unbelievable: Man born with penis finally loses virginity at 45
- Ghanaian Players Abroad: Richmond Boakye bags BRACE on Red Star Belgrade return debut
- Newly enrolled female students of Katanga and ‘Conti’ halls possessed-73-year-old woman
- ‘I can’t live with a man who doesn’t beat, slap me once in a while’- Actress
- WE WOULD VOTE AGAINST YOU IN 2020, IF YOU COLLAPSE MENZGOLD – CUSTOMERS TO GOVERNMENT
- Chiefs applaud Akufo-Addo for ‘solid performance’
- Mr Ibu “chopped” me just ONCE-Lady Confesses after one night stand
- 8 impressive health benefits of pineapple