Menzgold suit against SEC and BoG dismissed

Menzgold suit against SEC and BoG dismissed

- in Latest in Ghana, News

A suit filed by gold dealership firm, Menzgold Ghana Limited against the Securities and Exchange Commission (SEC) and the Bank of Ghana (BoG) has been dismissed by the Accra High Court.

The court presided over by Mrs. Justice Akua Amoah, threw out the suit following a proceeding legal objection raised by SEC and BoG.

According to BoG and SEC, they argued that Menzgold failed to exhaust all the regulatory mechanism for redress before going to court.

The court agreed together with the two regulatory bodies( BoG and SEC) and dismiss the suit.

In September 2018, Menzgold dragged SEC and the BoG to court after its license was revoked by SEC.

The suit filed at the Commercial Division of the Accra High Court described the two regulators as indulging in activities that were “harmful” to its operations.
The suit claimed that certain notices issued by the BoG and the SEC in relation to its operations were “arbitrary, capricious and contrary to articles 23 and 296 of the 1992 Constitution”.

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

Menzgold 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’’.

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