The Securities and Exchange Commission (SEC) has directed Menzgold Ghana Limited to immediately suspend its gold trading operations with the public.
Menzgold has been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.
This, the SEC says, is in contravention of “section 109 of Act 929 with consequences under section 2016 (I) of the same Act.”
The SEC says that failure of Menzgold to comply with the directive “will lead to the SEC employing other relevant measures under the law to enforce compliance.”
Rather surprisingly, moments after the SEC directive, Menzgold shot back that it was still “open for business”, despite the directive from the SEC for it to suspend its gold trading operations with the public!
The Chronicle is unbelievably shocked at the development, and the least we can say, is that this development between Menzgold and the SEC is becoming very irritating.
We are asking; what would SEC and other state bodies gain by shutting down Menzgold? And what would Menzgold lose by obeying simple industry regulations?
We, on The Chronicle, are wondering what Menzgold knows that no other Ghanaian knows, and where do they derive the authority with which they appear to slam every single statement from state institutions on their alleged illegal operations.
Ghanaians have had enough of this abrasive posture from a single company, whose management should know that adhering to rules and regulations in the business environment, does not only create a serene atmosphere for enhanced business operations, but also ensures investors build trust and confidence in the business community.
The Chronicle strongly believes that for Menzgold to describe the directive of the SEC as “needless, distasteful and in very bad faith”, is most foul of a company whose power to operate is derived from the same SEC they are disrespecting.
Attempts by Menzgold to promote our entertainment and sports industries painted a picture of a business entity ready to contribute to the development of our economy, however, the fact that one lends a helping hand to the growth of the society does not grant anyone the power to disregard laid down procedures.
As a nation governed by accepted laws, no company or citizen has the right to look down upon our laws which hold us together as one people with impunity, such as coming from Menzgold.
Lets us remind ourselves that in corporate governance, being asked by superior powers to suspend your actions does not necessarily mean you have been booted out.
There many instances where individuals and organisations have come out even stronger after they have been whipped by the authorities for various infractions.
We, therefore, find this ‘nobody can touch me’ attitude by Menzgold as ill-advised, which also tramples on the sensibilities of decent Ghanaians.
The Chronicle would, therefore, like to call on stakeholders in the business community to ensure that the business environment is sanitised by compelling ‘stubborn’ entities to comply with the rules of engagement.
With that said, we would stress that in as much there are state institutions with the mandate to crack down on the nefarious activities of certain entities, the public must equally help in maintaining law and order by shunning the activities such setups.
Again, the law enforcement agencies must rise up in instilling discipline in our setups in the face recklessness on the part of certain individuals and companies in the country.