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Menzgold drags Bank of Ghana, SEC to court

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Menzgold has dragged the Bank of Ghana and the Securities and Exchange Commission to court accusing the two statutory institutions of hurting its business.

The gold dealers in a suit filed, Thursday, a copy of which has been intercepted by Myjoyonline.com is asking the court to slap aggravated damages on the two institutions.

The company insists the notices given by BoG and SEC have been nothing more than an abuse of office by the two institutions and which have caused considerable reputational damage to the company.

The plaintiff wants an order of the court to restrain the two bodies from unnecessarily interfering in its business.

The suit was filed by Kwame Akuffo, lawyer for the plaintiff.

Background

Menzgold has been operating a business transaction which requires customers to deposit cash for gold value which is invested and returns paid on it to customers every month.

The transaction has become popular with customers evidently happy with the operations by the gold dealers. But there have been some concerns about lack of regulation.

The Bank of Ghana has issued a number of statements cautioning the general public to desist from saving or investing money at Menzgold Ghana Company Limited.

The statement in part said the activities of Menzgold were in breach of section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

According to the BoG, the gold dealers had no place in the business of “solicitation, receipt of money and the payment of dividends to its clients,” but the company persists in its deposit-taking activity.

Menzgold has adopted a topsy-turvy approach in dealing with the BoG with its CEO Nana Appiah Mensah calling the bluff of the regulatory body at one time and at another, apologizing and pledging to work with it.

More soon

 

Source: Myjoyonline.com

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Business & Finance

Menzgold managers trying to flee Ghana; some got deported – Staff alleged

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Staff of Menzgold Ghana Limited claim some of their management have tried to flee the country as clients agitate for their locked up funds.

They added that 13 of the management members, the names of whom they listed in their statement, tried to leave but were deported.

“We confirm the travel plans of management members outside the country. Some tried and have been deported,” the staff said in a statement.
The staff of Menzgold also accused management of conniving with some persons within the government to secretly pay off selected clients of the company.

“We confirm that Management members are secretly paying off clients without a proper schedule and with assurances to other clients. This makes their act suspicious, and unfair whenever money is made available.”

“Powers in governance are aiding persons to retrieve funds but these same powers are reluctant in seeking the best solution for all,” the staff added.

The staff, who say they have been working for four months also claimed that”management has started selling off assets for personal gains and also to settle their close friends.”

The staff believe the Economic and Organised Crime Office (EOCO) must now probe the matter.

“Management members have fraudulently acquired properties such as luxury houses, schools, flashy and luxury cars and many more, to dwindle the finances of the company. We therefore wish that EOCO investigates them.”

Menzgold’s troubles began when it was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license.

This, the SEC said was in contravention of section 109 of Act 929 with consequences under section 2016 (I) of the same Act.

Aggrieved Customers have been protesting the company’s failure to settle them.

Menzgold’s rates were said to be as high as 10 per cent per month and 120 per cent per annum.

The demonstrators submitted petitions to the company, Parliament, the Securities and Exchange Commission and other authorities.

Find the full statement from the staff below


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Highlights of Jumia Black Friday 2018

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The biggest online sale of the year climaxes with Jumia Ghana serving it’s customers with the best deals ever seen’’

The biggest online sale of the year by Ghana’s leading online retail company Jumia, came to a climax last friday with excitement and fulfillment from both customers and employees. Jumia Black Friday sale was held from the 16th of November to the 7th of December.

Jumia offered Ghanaians up to 80% off on exciting products such as TVs, Phones, Laptops, Fridges, Washing Machines, Home Theatre systems and more than 50,000 products. The sale was made even more exciting with 2 Flash Sales & 1 Treasure Hunt held every day from Monday to Thursday, with extra special deals every Friday, in line with the theme for this year’s campaign “Every Friday is Black Friday”.

On these special Fridays, customers had the opportunity of winning various high-end products at a mind-blowing 99% off like the Samsung 55” UHD Smart 4K TV, iPhone XS & Samsung Galaxy Note 9.

This seemed  too good to be true with some customers raising concerns about the legitimacy of these extraordinary deals. An iphone Xs for Ghc 65 and an LG 49’ smart Tv for Ghc 47 ? Amazing right? However, some customers walked away with these items.


Throughout this period, Jumia also partnered with various media outlets like Joy FM, Citi FM, GH One and many others to distribute over 10,000 vouchers to customers to give even more discounts on top of super deals for Black Friday.

Expectations for 12/12 & Christmas Sale

Jumia is by no means done for the year. On the 12th of December, Jumia Ghana will be having a special 12/12 campaign where we will offer exciting Flash Sales of our most in-demand products at a super price. There will be 2 flash sales every hour from 8am till 8pm on the most sought after products. It’s one SUPER day in the year, where we give you the most bang for your buck. 24 flash sales of exciting products in one day, from sunrise till sunset. And right after 12/12, we kickstart the our Christmas Sale.

This will feature various bundles of products that you can use as the perfect gift for this holiday season. From fashion, to electronics and lots more, you can be sure that Jumia is the perfect place to find gifts for everyone on your list, this festive season.

About Jumia

Jumia, is the leading internet platform in Africa.

Jumia aims at creating a sustainable ecosystem of marketplaces and platforms to buy and sell physical goods, as well as digital and financial services.

Jumia is building the African e-commerce infrastructure of tomorrow with online and mobile world-class marketplaces, providing affordable and convenient services to consumers and helping them fulfill their everyday needs? Jumia’s mission is to transform and improve people’s lives thanks to technology.

Through its different platforms and services namely Jumia eCommerce, Jumia Travel, Jumia Food, Jumia House, Jumia Deals, Jumia Jobs, Jumia Pay, Jumia One and Jumia Services, Jumia is fostering the digital shift of the entire African economy. Jumia is supporting the growth of African companies and expanding their horizons. More than 50 000 local Africans companies and individuals do business on Jumia.

Empowered by more than 3,000 employees, Jumia is creating a sustainable impact in Africa. Jumia opens up new opportunities and horizons to African talents by creating new jobs and developing new skills on the continent.

Jumia was founded in 2012 and has since expanded its presence to 14 African countries (in South Africa with Zando, online fashion platform). its backed by prestigious shareholders: MTN, Millicom, Rocket Internet, Axa, Orange, Goldman Sachs & CDC Group.

Best Regards,

_____________________________________________

Bennet Otoo [Country Lead | Ghana]

(Jumia Travel)

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Zaa Radio To Host Grand Opening Of Tamale KFC Branch December 12

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KFC Tamale Branch

Vivo Energy, the company behind the Shell brand has partnered with leading commercial radio station, Zaa Radio for the formal opening of Tamale of Branch of KFC.

The new restaurant will kick off its grand opening at 8:00am Wednesday morning, 12th December 2018 located at Changli, opposition the Northern Regional House of Chief off the Tamale Hospital highway.

The GJA 2017 Best Regional Radio Station of the year will be onset with popular personalities led by Ziblim David popularly known as DJ Mbeli hosting live radio transmission of the event and as official MC of the event.

Zaa Radio was chosen ahead of others for it’s excellence in broadcasting and it’s broader regional coverage and worldwide via www.zaaradio.com couple with unique style of programming.

The event will witness a raffle for three lucky customers to ride home brand news motorbikes while others stand a chance of winning Shell fuel coupons, lunch coupons from KFC and other mouthwatering takeaways.

An official ribbon-cutting ceremony hosted by officials of Vivo Energy, KFC, Zaa Radio and other distinguished invited guest.

About KFC

KFC, also known as Kentucky Fried Chicken, is an American fast food restaurant chain that specializes in fried chicken. Headquartered in Louisville, Kentucky, it is the world’s second-largest restaurant chain after McDonald’s, with almost 20,000 locations globally in 123 countries and territories as of December 2015.

About Vivo Energy

Established in 2011, Vivo Energy is the company that distributes and markets Shell-branded fuels and lubricants to retail and commercial customers in Africa.

The Group has a network of over 1,800 service stations in 15 countries and exports lubricants to a number of other African countries.

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