Connect with us

News

Menzgold “unable to comply with” directive to shut down – Lawyers

Published

on

Company says it finds the “directive to shut down or suspend its operations illogical is unable to comply with the terms” of SEC “especially considering the contagion and the effect on the market and its Customers.”

The company’s response issued by law firm Kwame Akuffo & Co acknowledged an earlier letter by SEC demanding responses to a number of issues raised against and says had requested for a two-week extension to respond adequately to those issues.

SEC, according to the lawyers, were silent on the request, and which silence Menzgold had interpreted to be , only to be hit with the directive to close down.

We find it unfortunate, that without waiting for the said time to lapse, nor giving our Client any notice whatsoever, but in an unhealthy overreach, you sent to our Client a letter with a heading which states “Notice to Suspend Trading without Licence”. While the heading of the said letter indicates a purported suspension of trading without a , the content, however, speaks of a direction that our Client’s business should be shut down. The contradictions in your directive are for you to resolve, and it makes your intentions difficult for our Client to understand or comply with.

“Be that as it may, we are instructed to respectfully inform you that our Client’s business module which is essentially that of the sale of gold collectibles is not one that falls within your regulatory regime. Please be informed that our Client is not issuing any “tradable Note” as you erroneously state in your letter of 7th 2018!

“Our Client is willing to respond to the queries raised in your letter of 27th August and would like to respectfully request that you furnish it with the provisions of the Securities and Industries Law that its business and objects fit into and what it requires for the purposes of a License if any. This request is without prejudice to the rights of our Client.

“Again, our Client reiterates that it is not engaged in Capital Market activities, and neither does it issue gold-backed depository notes.

“Under the circumstances, we are instructed to inform you that our Client finds your purported directive to shut down or suspend its operations untenable and is unable to comply with the terms of your letter dated 7th 2018 especially considering the contagion and the effect on the market and its Customers.”

The lawyers say they are available to meet with the industry regulator or for discussions to resolve this impasse.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

COVID-19: Which African airlines are taking off and when?

Published

on

Since 25 June, Royal Air Maroc began operating a portion of its domestic flights (Agadir, Dakhla, Laâyoune, and Oujda) from its Casablanca hub, followed by its other hubs, Marrakech and Tangier. The low-cost airline Air Arabia Maroc will also resume operations on the same date, while Air Côte d’Ivoire will reopen for business on 26 June.

However, for many airlines, the situation is less certain. The pan-African carrier ASKY Airlines, which provides service to destinations from Lomé, is waiting for African countries to open their borders before making any announcements. Similarly, Air Algérie has not announced an operations resumption date. Plagued by major financial difficulties, Air Mauritius is set to get back to business on 1 September, whereas RwandAir has suspended its flights until further notice.

On 25 June, Egypt Air said it would resume international flights gradually as of 1 July. The first round from 1 – 7 July will include: Abu Dhabi, Addis Ababa, Amsterdam, Paris, Toronto, and Washington DC (among others).

As of 8 June, South Africa’s Airlink began taking bookings, while Safair began flights on 15 June. Mango, the low-cost airline of the near-bankrupt South African Airways (SAA) group, also resumed domestic flights as of 15 June.

South Africa has banned leisure travel until the 5-phase lockdown is entirely lifted. It is currently at level 3.

Many questions if South African Airways will be able to resume international flights given it was struggling with bankruptcy prior to the pandemic. A vote by SAA creditors has been postponed to July 16.

The gradual reopening of borders

In the intercontinental segment, Ethiopian Airlines and Kenya Airways will be providing service to Paris, Geneva, and Brussels in July, but with a reduced flight schedule. After a controversy sparked by the posting of a fake flight schedule on social media in May, Air France has listed several African capitals in its flight plan for July: Conakry, Cotonou, Douala, Yaoundé, Nouakchott, and Tunis. The airline is currently preparing landing authorization requests for the various countries concerned.

Resurrecting flights from Europe is pinned on both the ability to receive authorization from national civil aviation authorities and the reopening of the Schengen Area. In mid-June, the ECOWAS Ministerial Coordinating Committee for Transport, Logistics, Free Movement, and Trade recommended a gradual reopening of air borders: 15 July for flights between member states, 22 July for flights to non-member African countries and 1 August for intercontinental flights.

These projected dates come up against two obstacles: the health situation is neither clear nor stabilized in several African countries and fears about a second wave remain high in Europe. As a result, no one wants to be responsible for potentially importing cases in either direction.

For passengers, new restrictions are surfacing. For example, Congolese nationals stuck in Paris who want to get on an Air France repatriation flight will have to provide proof that they were tested for COVID-19 before boarding the flight upon their arrival in Brazzaville and Pointe-Noire. Once they have disembarked, they will have to undergo another COVID-19 screening and quarantine at a hotel.

Air Senegal targets mid-July for Paris flights

Airlines think it will take a while for businesses to return to pre-pandemic levels. Air Côte d’Ivoire, whose operations are currently limited to domestic destinations (Korogho, San Pedro, Bouaké, Man, and Odienné), accordingly plans on a gradual return to its normal service schedule: in a first phase, 25% of flights will resume, before increasing to 50%, all the while having no intention of giving up its expansion strategy in the long-haul segment.

Another example is that of Air Senegal, which resumed its service to Ziguinchor this past weekend, a destination it will get back to serving daily as of next week. While Senegal’s borders are to remain closed until 30 June, the young company, which sent all of its pilots to France to take a “refresher” flight simulator course, plans, according to our sources, to resume flights to Abidjan (four times a week, initially) and to Praia in mid-July. Air Senegal hopes to get back to operating flights to destinations such as Conakry, Bamako, Casablanca, Barcelona, and Marseille in early August, and, starting in September, Ouagadougou, Niamey, Accra, and Lagos. This means the airline could be operating 80% of its pre-pandemic flights at the end of August. Air Senegal will begin offering daily service to Abidjan in October if traffic allows for it.

The airline will know in the coming days if it will be able to resume its service to Paris in mid-July, as it hopes, with an initial schedule of five flights a week. “We can’t figure out how high demand will be. We don’t want to be in overcapacity, but we assume there will always be a segment of travelers who are flying to visit their loved ones,” says a source from Air Senegal, which is set to receive its two A321s in September and October and was the beneficiary of government grants of 45bn CFA francs (€68.5m), an amount which surpasses its target for the funding round scheduled in 2021.

Long-term schedule reductions

For the main West African operators, the crisis could bring about a more streamlined offering, while just before the pandemic many players were battling over small markets. “There were 320,000 seats available for flights between Abidjan and Dakar in a market with 150,000 to 170,000 passengers. The end result is that planes were operating at between 50% and 70% capacity.

The most predatory airlines will surely be more cautious and no longer operate as many flights as before,” says an executive from a West African carrier, adding that Brussels Airlines suspends its stopovers in Conakry and Ouagadougou when Kenya Airways and Vueling reduce their flight schedules.

What’s more, the financial situation of certain players like Air Burkina and Camair-Co, which have temporarily laid off their employees, makes a quick resumption of service more hypothetical than anything else.

Several firms are currently working on air traffic recovery scenarios for carriers and airports. “Three different realities are possible: traffic will fully resume despite the presence of COVID-19 cases, traffic will resume between certain countries that reopened their borders and traffic will resume without any particular restrictions in the absence of no new COVID-19 cases,” says Jean-Marc Bourreau, Global Director of Aviation at the Canadian firm CPCS. He is not counting on a broad-based rebound of air traffic.

Continue Reading

News

Man Rapes 6-Year-Old Girl In 7 Thunder Church In Owukpa

Published

on

A man identified as Patrick Onoja Igah, a native of Ogwurute Itabono Owukpa, was mercilessly beaten by an angry mob for allegedly raping a 6-year-old girl (name withheld).

IDOMAVOICE gathered that Mr. Patrick, famously known as Omolomo, was caught pants down while having carnal knowledge of the underage at the premises of 7 Thunder Church located in Akparoji.

Irked by his abominable act, some angry youths pounced on him, tied him, and gave him the beating of his life until he fainted.

Patrick, believed to be in his late 30, was handed over to the local vigilante who will hand him over to the police for immediate prosecution.

Continue Reading

News

New Verna Water Comes With Vitamins & Folic Acid

Published

on

Take hydration to a new height with the new Verna Active Water, available in lemon and strawberry flavours and fortified with folic acid, vitamins and electrolytes essential to keep you hydrated and active for a long time.

Verna Active Water is prized by many for its soft, balanced and gentle round flavour with lots of lemon citrus and strawberry. And it’s easy to drink by itself.
Proudly made in Ghana by industrial giant, Twellium Industrial Company, producers of Verna Mineral Water, Rush Energy Drink, Mcberry Biscuits and many more. Verna Active Water is a testament of the company’s promise to give consumers choices. With a tall list of water, non- alcoholic drinks, biscuits and more, tailored to meet the taste and preferences of consumers. This is yet another promise fulfilled against the background of its extensive experience in the beverage and water industry.

Verna Active Water is the new scientifically formulated drink with folic acid and electrolytes that come in a signature bottle and enhanced with vital vitamins to boost your immune system.
Need the right motivation and enthusiasm to face your most challenging days? Try the thirst- quenching Verna Active Water with pleasant lemon and strawberry flavour to give you the best during the day.

For anyone who lives an active lifestyle and need motivation to combat each task one step at a time. Verna Active Water is the smart choice for athletics, workers and students. 3-time bantamweight world champion, Joseph Agbeko says he drinks Verna Active Water because it contains all the essential nutrients for his active life. Verna Active Water is water for hydration, has a natural fruit flavor and best complements your active life.

Watch video below

 

Continue Reading

Trending

Contact Us On WhatsApp
%d bloggers like this: