The Securities and Exchange Commission has instructed Menzgold Company Limited to shut down its operations immediately.
The commission is accusing the company of operating beyond its bounds without proper licensing and permission.
The shutdown is in respects of the company’s business of collectibles with guaranteed returns to clients which the commission says amounts to dealing in Securities with neither the necessary license nor disclosures authorized by the commission.
A letter authorizing the shutdown of the company and intercepted by BestNewsGH.com, also directed that the company should refrain from creating any new contracts, adding that advertising of the investment business should also be halted with immediate effect.
The letter was signed by the Deputy Director General of the Securities and Exchange Commission, Paul Ababio.
Attached is the letter authorizing the closure of the company and details therein.