20 September 2018

Ghana: Menzgold Extends Suspension of Dividend Payments, Gold Vault Market Services

The management of Menzgold says it has extended a six-day suspension of its Gold Vault Market services.

The embattled firm has now set September 28, 2018 to resume operations.

In a statement issued in Accra on Tuesday it said, "Following our correspondence with the Securities and Exchange Commission (SEC), we regret to advise that the Gold Vault Market product services will continue to be suspended until the 28th September, 2018 to enable us reach a useful conclusion with the Securities and Exchange Commission (SEC)."

Menzgold announced last Thursday that it has temporarily halted its collectables and any new business related to its gold vault market.

The company explained at the time that the halt of the service, also called extra value payments, will resume on September 19, "by which time we believe all pending issues related to the Gold Vault Market Product would have been ironed out".

The SEC and the Bank of Ghana are fighting the company over claims it is operating a business not covered by its operating licence.

Menzgold insists its services do not breach any regulation.

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