Prime News Ghana

Menzgold CEO insults Joy News' Isreal Laryea for attempting to 'ruin' his business

By Clement Edward Kumsah

Chief Executive Officer of Menzgold Ghana Company Limited, Nana Appiah Mensah has slammed JoyFM's News Editor, Isreal Laryea, after he filed a story about Menzgold activities in the UK.

According to a report filed by Isreal Laryea, the UK office of the Ghanaian gold company, Menzgold, shows it does not operate the same business model.

The London office, JoyNews discovered, is a rented space in the massive Berkeley Square House block which houses about a thousand or more businesses, mostly seeking short-term leases.

The report also revealed that Menzgold London office is without the usual highly visible displays the company is known for in Ghana.

However, the report filed by Isreal Laryea seems to have angered Nana Appiah Mensah, CEO of Menzgold, as he took to social media to insult the Journalist, saying, "today I celebrate your stupidity and retarded mindedness."

Meanwhile, the Securities and Exchange Commission (SEC) wrote to Menzgold Ghana Company, to shut down all investment trading in gold.

In a September 3, 2018 letter, signed by Deputy Director General of SEC, Paul Ababio, said, "in September 2017, the SEC issued a public notice indicating that it does not regulate Menzgold. The SEC began further investigations into the activities of Menzgold in July 2018. In August 2018, the Commission called for an inter-sectoral meeting that involved the Minerals Commission, Bank of Ghana and the Securities and Exchange Commission. The Meeting concluded that it is evident Menzgold’s activities appear to go beyond the mandate authorised in its licence".

The SEC said "it is our expectation that being your licencee, MINCOM, would call Menzgold to order and direct it to conduct its business in accordance with the licence issued to it by MINCOM".

The September 3, 2018 letter from SEC added that failure by Menzgold to comply with the directive “will lead to the SEC employing other relevant measures under the law to enforce compliance”.

Menzgold finally bows to SEC pressure; stops gold vault market services

However, in a quick response on September 12, 2018, Menzgold Ghana Company severely criticized and rejected as worthless, a letter issued to them by the SEC  directing them to shut down all investment trading in gold.

A statement from the management of Menzgold says the letter from the SEC is “needless, in bad faith” and “distasteful”, as they were cooperating with the commission to arrive at a cordial resolution to matters relating to their operations.

Latest news from Prime News Ghana