[Video]: Panic withdrawals hit Menzgold

Gold trading firm, Menzgold Ghana Limited are defying a directive by the Securities and Exchange Commission (SEC) ordering the company to shut down their investment operations with immediate effect.

The SEC in a letter (dated September 7) to Menzgold CEO, Nana Appiah Mensah ordered the company to halt advertising of their investment business and desist from creating new contracts with depositors.

However, the company has continued operating since that date and has now released a defiant statement rubbishing that order.

According to them, their patrons can rest assured because their gold trades are safe and neither Menzgold as a business entity nor any of its products has been shut down.

The statement revealed that in the wake of the Bank of Ghana warning the general public to desist from doing business with Menzgold, the organisation availed themselves to all the relevant state institutions (including the SEC) for consultations to resolve all regulatory concerns.

Source: Graphic.com.gh