Home Business Menzgold Doesn’t Need PMMC License To Operate

Menzgold Doesn’t Need PMMC License To Operate

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…Company Counsel Dares Precious Minerals To Produce Revocation Documents

 

By Frank Amponsah

 

Menzgold Company Limited has vehemently disputed claims by the Precious Minerals Marketing Company (PMMC), that it is violating the law in its trade of gold in the country and that the PMMC has also revoked the operating license of the company.

 

Menzgold Company Limited has come under some attacks from the Bank of Ghana and some organizations over its operations with reports that the Economic and Organized Crimes Office (EOCO) been tasked to investigate the company.

 

Meanwhile, Counsel for Menzgold Company Limited, Kwame Akufo, who wanted to clear the misconceptions regarding the operations of the company and its license, said  there are records to show that in August 2014, then Menzbank applied for a gold trading license, rubbishing claims they are operating without a license.

He stated that, “The license was granted after monies and necessary registrations had been paid for. The license was from September 4, 2014, to September 4, 2015. Subsequent to the expiry of the license, my client applied for a renewal which was granted on November 3, 2015, to expire on November 2, 2016.”

He further indicated that “There has never been an occasion where the license issued to Menzgold Ghana Limited was revoked by any governmental entity.”

According to Mr Kwame Akufo, Menzgold did not have to renew its license from 2016 anymore, because the PMMC became an independent assayer, stressing that nobody has a Commodities Trading Act in the country and that his clients are engaged in commodities trading that is why the “Bank of Ghana for example in 2012 has issued a notice and said don’t deal with them.”

“But until six years the BoG has never been able to say anywhere in this republic that what they are doing is illegal,” he said.

His explanations come after the Managing Director of PMMC, Kwadwo Opare Hammond claimed that although the company was granted a license in 2014, it has long been revoked.

He said, “The Minerals Commission would usually give you the license and there is a small clause that says ‘you buy gold for export’ and I don’t know if that is what they [Menzgold] are relying on to do this.

“If that is what they are relying on, then they are doing the wrong thing. One is supposed to buy and package the raw gold before exporting it.”

Mr Opare Hammond also claimed that even with the exports, no individual or company can export gold without working with PMMC and described as unrealistic, the 7-10% interests being paid by Menzgold Company limited to its customers.

In a swift rebuttal to these claims, Mr Akuffo said the statement of revocation is not supported by any record is completely defamatory to Menzgold and challenged Mr Opare Hammond to produce the revocation document as well as render an unqualified apology.

He indicated that none of the customers has made any complaint to Mr Opare Hammond on the percentages given to them of the gold exporting company and he (Mr. Opare) is not qualified to comment on the econometrics of the transactions.

“The Minerals Commission has duly given our client the license to deal with the export, what the PMMC does presently under the legal framework is to become the independent assayer of gold that leaves the republic,” he averred.

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