An Accra High Court on Thursday dismissed a suit filed by Menzgold Ghana Limited against the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC).
This was after the Court Presided over by Mrs Justice Akua Sarpomaa Amoah, upheld the preliminary objection raised by BoG and SEC.
BoG and SEC had contended that Menzgold did not exhaust all the regulatory mechanism for redress before going to court.
Menzgold in September 2018, dragged BoG and SEC to court after the later had revoked the license for its operation. It then proceeded to court praying for an order directing BoG and SEC to desist from interfering from its activities.
Menzgold further prayed the court to restrain the two institutions from further publishing any alleged derogatory notices concerning its operations.
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.
Menzgold also wanted the two institutions to retract and apologise for the previous notices they had published.
It 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.
It also wanted among other reliefs, a declaration from the court that its activities did not fall under the scope of the BoG or the SEC’s regulations.
Meanwhile in a related development, an Accra Circuit[u1] on Wednesday issued a bench warrant for the arrest of the Chief Executive officer of Menzgold on charges of defrauding by false pretence