The Securities and Exchange Commission (SEC) is praying an Accra High Court to dissociate it from a being defendant in a case brought before it by some customers of the defunct Menzgold Gold Dealership.
The Commission has been named as a defendant in the landmark case following the collapse of the firm leaving customers’ funds locked up.
Menzgold customers, in an attempt to reclaim their lost deposits, dragged government to court over what it describes as the state’s failure to protect them against a Ponzi scheme.
About 28 of them are seeking a civil claim of ¢11 million in reliefs.
But the SEC has since moved a motion for the court to relieve them from being defendants over suggestions that “the rules of this Honourable court have not been complied with” in the plaintiff’s presentation of case.
In a latest twist, the Commission has also pleaded with the court that “action is “premature as the mandatory local or domestic remedies provided under the Securities Industries Act, 2016 (Act 929) have not been complied with by the plaintiffs.”
Meanwhile, lawyers for the aggrieved clients of the company are expected to move a motion to keep them as defendants.
Represented by Amanda Clinton, the customers want the state agencies including other defendants to be held accountable for the losses suffered by the clients in the Menzgold debacle.
The court is expected to sit on Thursday, January 21, 2021, to examine the merits of the Commission’s motion.
The other defendants are; Bank of Ghana, the Economic and Organized Crime Office (EOCO) and the Attorney General’s Department.
Latest Stories
-
Mahama vows to create an agro-processing zone in Afram Plains
13 mins -
Political parties should plan for losses, not just wins – IGP advises
14 mins -
524 Diasporan Africans granted Ghanaian citizenship in ceremony
16 mins -
Mahama urges Afram Plains North residents to avoid ‘skirt and blouse’ voting
18 mins -
Asantehene receives more 19th century gold ornament and regalia
25 mins -
Hohoe Ghana Blind Union organises training for members ahead of Election 2024
31 mins -
Alan Kyerematen reveals his future plans for Ghanaian Health professionals
32 mins -
AAIN empowers women and small enterprises in Upper East Region through SHINE project
33 mins -
Akufo-Addo leads nationwide commissioning of 80 educational projects
39 mins -
Ghana and Seychelles strengthen bilateral ties with focus on key sectors
1 hour -
National Elections Security Taskforce meets political party heads ahead of December elections
1 hour -
Samsung’s AI-powered innovations honored by Consumer Technology Association
2 hours -
Fugitive Zambian MP arrested in Zimbabwe – minister
2 hours -
Town council in Canada at standstill over refusal to take King’s oath
2 hours -
Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws
2 hours