Beleaguered gold trading firm Menzgold has contracted the popular UK-based law firm Baker & McKenzie LLP in the regulatory impasse with the Securities and Exchange Commission.
The foreign firm will beef up efforts of the company’s local advocate Kwame Akuffo & Co. Unlimited
In a letter addressed to SEC by Baker & McKenzie LLP Friday, the law firm said the decisions by Menzgold to suspend its gold trading and dividend paying activities is not an admission of guilt but of good faith to the regulator.
“The Company will, as a demonstration of good faith and willingness to fully cooperate with the SEC while this matter is resolved, desist in these specific activities outlined in the SEC Communications.
“This voluntary and temporary cessation of these alleged activities is without prejudice to the Company’s legal position nor any acknowledgement of wrongdoing in any way.
“It is a simple gesture of good faith to give all pause for consideration of the technical legal issues and to allow its lawyers to fully engage with the SEC on this matter,” the letter said.
Meanwhile, the company has rejected an attempt by the Securities and Exchange Commission (SEC) to set conditions for a planned meeting between the two parties next week.
The development comes after the state regulator in a statement agreed to a meeting request by the trading firm but said the meeting will only take place under conditions.
“The commission will be available to meet with your client on Tuesday September 18,2018 at 2pm on condition that the information we requested for in our letter dated August 27, is provided by the close of business day Friday September 14,2018,” the regulator said.
In response, lawyer for Menzgold Kwame Akuffo stressed that even though they will attend the said meeting, they will do so without conditions from SEC.
“..Your letter therefore raises fundamental questions as to the fairness of the decision you took on September 7, as well as whether same was premature.
“Be that as it may, we are willing to attend a meeting with you at 2pm on September 18,2019 without any conditions attached to same”.