53 soldiers sue Menzgold over GH¢2.5m locked up investment

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Fifty-three soldiers have dragged Menzgold Ghana Limited, a gold dealership firm, to the High Court for failing to pay back their total investment of GH¢2.5 million.

The plaintiffs — from the Ghana Navy, the Ghana Air Force and the Ghana Army — are praying the High Court to order a refund of their money.

According to the plaintiffs, all efforts to retrieve the money has been unsuccessful.

They are, per the writ of summons issued on December 12, 2018, accordingly praying the court to order a refund of their money, ranging between GH¢18,000 and GH¢244,000.

Plaintiffs are arguing that even if the defendant claims that it cannot pay their interest, they are entitled to their principals.

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Plaintiffs’ case

A statement of claim accompanying the writ of summons stated, inter alia, that the defendant, through advertisements and its agents, reached out to the Ghanaian public to subscribe to its services.

According to the statement, the agreement between the plaintiffs and the company entitled them to 10 per cent returns on their investment for those who invested GH¢24,000 and above and a minimum of seven per cent for those who witnessed below GH¢24,000.

It said the government was for 12 months, after which investors were permitted to terminate or to reactivate their investments.

Sweat and tears

Describing themselves as hardworking men and women of the Ghana Armed Forces, the plaintiffs contended that they had invested their “sweat and tears” in the defendant company.

The plaintiffs, therefore, prayed the court to direct the defendant company to refund their investments.

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Substituted service

The plaintiffs have since the issuance of the writ of summons been unsuccessful in serving it on the gold trading company.

Following from that, their counsel, Mr Yaw Owusu Anane-Asante, on January 8, 2019, filed an application for substituted service.

Read the full story in Thursday’s edition of the Daily Graphic newspaper

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