Accra High Court throws out Menzgold suit

Nana Appiah Mensah

Nana Appiah Mensah

The woes of embattled businessman, Nana Appiah Mensah, the founder of gold dealership, Menzgold is far from over, as an Accra high court has dismissed a suit filed by the company against Securities Exchange Commission (SEC) and the Bank of Ghana(BoG).

Menzgold filed a case in court in September 2018 after its licence was revoked by SEC.

The court presided over by Justice Akua Amoah dismissed the case yesterday, following a preliminary legal objection raised by SEC and BoG.

It is the case of the regulatory bodies that Menzgold failed to exhaust all the regulatory mechanism for redress before going to court.

Ruling on the case, Justice Amoah said she agreed with the two regulatory bodies that the gold dealership did not exhaust the necessary redress mechanism.

Menzgold, in its suit filed at the Commercial Division of the Accra High Court described the activities of SEC and BoG as “harmful” to its operations.

The company averred that certain notices issued by BoG and SEC in relation to its operations were “arbitrary, capricious and contrary to articles 23 and 296 of the 1992 Constitution”.

Menzgold prayed for an order to set aside the SEC’s directive of September 7, 2018 for the company to suspend its operations.

It also wanted a declaration from the court that its activities did not fall under the scope of the BoG or the SEC’s regulations.

Other reliefs included “an order of perpetual injunction to restrain the BoG and the SEC from interfering with its business activities or further acts by publishing any derogatory notices”.

An Accra circuit court on Wednesday issued a warrant for the arrest of Nana Mensah and two others for defrauding by false pretence.

The Inspector General of Police David Asante-Apeatu obtained the warrant and has triggered International Police (INTERPOL) processes in 194 countries for the arrest of Menzgold boss.

Nana Appiah is believed to be hiding in Nigeria, South Africa and the United Kingdom where his family lives.

The Bank of Ghana (BoG) and the Securities Exchange Commission (SEC) raised the red flag on the operations of Menzgold and warned that those who dealt with the gold company did so at their own risk.

BY MALIK SULLEMANA               


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