Troubled gold trading firm Menzgold has contracted the services of UK-based law firm Baker & McKenzie LLP to join in its spat with the Securities and Exchange Commission.
The foreign firm will collaborate with its local Attorney Kwame Akuffo & Co. Unlimited in the regulatory impasse.
Baker & McKenzie LLP Friday, wrote to SEC saying 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.