Lawyers for troubled gold dealership firm,
Menzgold Ghana, say the company cannot comply with a directive by the Securities and Exchange Commission (SEC) to shut down its trading activities for alleged infractions .
The company’s response issued by law firm Kwame Akuffo & Co
SEC, according to the lawyers, were silent on the request, and which silence Menzgold had interpreted to be
“Be that as it may, we are instructed to respectfully inform you that our Client's business module which is essentially that of the sale of gold collectibles is not one that falls within your regulatory regime. Please be informed that our Client is not issuing any "tradable Note" as you erroneously state in your letter of 7th
“Our Client is willing to respond to the queries raised in your letter of 27th August
“Again, our Client reiterates that it is not engaged in Capital Market activities, and neither does it issue gold-backed depository notes.
“Under the circumstances, we are instructed to inform you that our Client finds your purported directive to shut down or suspend its operations untenable and is unable to comply with the terms of your letter dated 7th