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SEC probes operations of Golden Empire Legacy Limited

Category : Business | Sub Category : Latest


The Securities and Exchange Commission (SEC) has disclosed to Citi Business News that it is investigating the operations of Golden Empire Legacy Limited which is involved in the trading of gold. The Director General of the SEC, Daniel Ogbarmey Tetteh says the company has not been licensed by the outfit though it offers returns on investments to customers.

The operations of Golden Empire Legacy Limited and its association with gold trade comes almost a year into the debacle that hit the securities market following locked up investments with Menzgold Dealership company.

The Securities and Exchange Commission (SEC) has disclosed to Citi Business News that it is investigating the operations of Golden Empire Legacy Limited which is involved in the trading of gold.

The Director General of the SEC, Daniel Ogbarmey Tetteh says the company has not been licensed by the outfit though it offers returns on investments to customers.

The operations of Golden Empire Legacy Limited and its association with gold trade comes almost a year into the debacle that hit the securities market following locked up investments with Menzgold Dealership company.

Mr. Ogbarmey Tetteh further cautioned the general public to be wary of risks to their investments until the SEC completes its investigations.

“We have received some notice through the usual channels by which people notify us of these schemes and we will follow our usual due procedure in advising clients. But it is important for investors to always ask questions and one important question is to find out the underlying investment because when somebody promises a high return and further states that the return is guaranteed, it means that there is high risk involved,” he said.

Checks by Citi Business News on the website of Golden Empire Legacy Limited showed that the company has expertise in the export and import of gold, gold investment, mining services, smelting and assaying, financial services, jewelry, logistics, real estate development, hotel management, fashion and clothing line and merchandise.

The Chief Executive Officer (CEO) of the company is Joana Gyan.

Other Board members include; Benedict Kwesi Obeng, Ambassador Gladys Kudjoe, Emmanuel Kwabena Asante and Donald Emmanuel Manyo-Plange.

Menzgold saga

Hundreds of customers are yet to lay claim to their investments following expectations of high returns on investments in Menzgold.

The annual returns on the investment hovered 120 percent which translates into a monthly return of 10 percent.

Due to the fluctuating price of gold on the international market, the assurance of fixed returns made it practically impossible for Menzgold to fulfill its promise.

The SEC had to halt the operations of Menzgold after several alerts to the public to desist from engaging in any gold collectible business, proved futile.