Menzgold Ghana has ramped up its defence as it battles regulatory overreach from state institutions, retaining world renowned UK based firm Baker McKenzie.
Baker McKenzie would join forces with Menzgold’s local reps, Kwame Akuffo & Co. Unlimited, for what is expected to be a legal battle for the company’s future.
Earlier this week the Securities and Exchange Commission (SEC) directed that Menzgold shut down it’s gold trading activities, claiming it violated some of its statutes.
That followed earlier attempts by the BOG to disrupt the company’s activities, which were largely unsuccessful.
Menzgold defiantly responded to the SEC letter, declaring itself in full compliance with all relevant laws.
The company has temporarily suspended it’s activities — a wildly unpopular decision with its customers — and thus have decided to go all in to have the matter settled in the shortest possible time.
Baker and McKenzie’s hiring is aimed at just that, with the experienced firm ready for a litigious battle with the state agency.
In it’s first act, it has written to the SEC, declaring Menzgold in full compliance with all relevant laws, including the Securities Industry Act 2016.