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General News on Thursday, January 17, 2019
Source: Graphic.com.gh
2019-01-17
Photo file
Fifty-three soldiers dragged Menzgold Ghana Limited, a gold distribution company, to the High Court for failing to repay their total investment of 2.5 million GH ¢.
The plaintiffs – from Ghana 's navy, air force and army – are asking the High Court to order their money back. According to the complainants, all efforts to recover the money had been unsuccessful.
In accordance with the writ of summons issued on December 12, 2018, they therefore ask the court to order the repayment of their money, between 18 000 and 244 000 GH ¢.
The amounts cited on the court documents filed represent the principal claimant.
The plaintiffs argue that even if the defendant claims to be unable to pay their interest, they are entitled to their principals.
The case of the applicants
A statement accompanying the summons stated, inter alia, that the defendant, through advertisements and its agents, had contacted the Ghanaian public to subscribe to its services.
The plaintiffs took advantage of the announcements to subscribe to the services of the defendant by investing various amounts of money in 2018.
According to the press release, the agreement reached between the plaintiffs and the company allowed them to make a return on their investment of 10% for those who invested more than GH ¢ 24,000 and more, and to a minimum of 7% for those whose testimony was less than 24,000 GH.
He said the government was in place for a period of 12 months, after which investors were allowed to terminate or reactivate their investments.
According to the statement, the defendant paid the interest, commonly referred to as the additional value, but ceased operations in August 2018 and has since neither paid interest nor repaid the principal. According to the statement, the plaintiffs repeatedly tried to recover their money, but they ran into an obstacle. "The plaintiffs have approached the defendant countless times, but they still face excuses and postponement," he said.
Sweat and tears
Presenting themselves as hard-working men and women in Ghana's armed forces, the plaintiffs claimed to have invested their "sweat and tears" in the defendant company.
They said they feared that their hard earned money by what they called "sleepless treks and peacekeeping missions" was what they invested in Menzgold.
The plaintiffs therefore requested the court to order the defendant company to repay their investments.
Replacement service
Since the issuance of the writ of summons, the plaintiffs have failed to serve it on the gold trading company.
Following this, his counsel, Mr. Yaw Owusu Anane-Asante, filed a request for service on January 8, 2019.
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