A long-standing legal stalemate pitting the minerals regulator, Security and Exchange Commission (SEC) against the country’s Gold Buying and Selling Company, MENZGOLD may soon be over after a mediation team agreed on settlement terms against the wishes of naysayers.
The deadlock over the lack of capacity to deal in the gold vault market operations was occasioned by a letter under the hand of Deputy Director of Security and Exchange Commission instructing MENZGOLD to suspend operations until the issues revolving their authorization was resolved.
This action by Security and Exchange Commission and the Bank of Ghana has caused image crisis in the country for Menzgold as some customers thronged their offices in what was described as ‘panic withdrawals’.
However, the Chief Executive Officer of MENZGOLD, Nana Appiah Mensah, met with the Securities and Exchange Commission to deliberate on how to remove all stumbling blocks impeding the peace between the minerals regulator and the gold dealing company, and accordingly submitted all the documents demanded by SEC, offering a glimmer of hope to its customers who have been left frustrated for days following the temporal shutting down of the company.
It is not known as to when Menzgold would resume operations but incontrovertible information available to The Hawk Newspaper, it may be sooner rather than later, with Menzgold now awaiting permission from the SEC to do so, having met their requirements.
The SEC is expected to take some days to go through the documents presented to them, after which they will determine the fate of Menzgold and its customers, who have various pounds of Gold (Aurum Utalium) locked at the firm.
This represents the first groundbreaking for Menzgold since its impasse with state institutions began.