Menzgold extends suspension on dividend payment
Embattled gold trading firm Menzgold has extended the suspension on the payment of dividend and activities regarding its gold vault to September 28,2018.
The initial suspension was to expire today, Wednesday September 19.
In a statement Menzgold said: “Following our correspondence with the Securities and Exchange Commission (SEC), we regret to advise that the Gold Vault Market product services will continue to be suspended until the 28th September, 2018 to enable us reach a useful conclusion with the Securities and Exchange Commission (SEC).”
The suspension became necessary after SEC ordered the company to stop those operations over regulation issues.
Meanwhile, a planned meeting between Menzgold and SEC Tuesday could not take place because the regulator insists on some information to make a decision on the operations of the gold firm.
“The information requested shall among other things enable us to make certain determination about your business and potentially enable us guide your client on how to regularize its operations as applicable.
The Commission hereby advises your client to comply with our respect which it has failed to comply with, even according to your own timelines stated in paragraph 4 of your letter to us dated the 29th day of August 2018 and referenced KBA458/18 on Tuesday the 18th September, 2018 so that the meeting can take place on Thursday the 20th September 2018,”SEC said in a statement.