Private legal practitioner, Ace Ankomah, wants managers of Menzgold, a gold dealership whose operations have been a subject of debate recently, to be mindful of the law when defending their activities as above board.
According to him, the indigenous company’s business module breaks at least three regulations – the Company’s Act, the Minerals and Mining Act and the Securities Industry Act.
“Let’s get it right. It started as Menzbank, with a ‘K’, Bank of Ghana stepped in; they changed their name to Menzbanc, with a ‘C’; Bank of Ghana stepped in; they changed their name to Menzgold, with metal. Let’s stop this molly cuddling these issues. We can see the thing. If it walks like a duck, quacks like a duck, sleeps like a duck, it is a duck. Under the company’s act alone, as a private company, you cannot take deposits – whether interest-bearing or fixed. The law says that clearly,” the renowned legal practitioner said on MultiTV/Joy FM’s news analysis programme Newsfile, Saturday.
Source: Joy news