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Nana Appiah Mensah, CEO of Menzgold Ghana Limited
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.
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Read also: Menzgold boss declared wanted by police and courts issue arrest warrant
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 defendant's services by investing various sums of money in 2018.
According to the press release, the agreement reached between the plaintiffs and the company allowed them to obtain a return of 10% on their investment for those who invested 24,000 GH ¢ or more and a minimum of 7% for those who invested less than GH ¢ 24,000.
He said that the agreement was concluded for a period of 12 months, after which investors were allowed to terminate or reactivate their investments.
According to the statement, the defendant company paid the interest, commonly referred to as the additional value, but ceased operating 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 men and women working 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 summons, the plaintiffs have failed to serve it on the gold trading company.
Following this, their counsel, Mr. Yaw Owusu Anane-Asante, filed a request for substituted service on January 8, 2019.
The court, presided over by Judge Jerome Noble Nkrumah, ordered that the writ of summons, the declaration and the order for substitution be served on the defendant via the High Court's bulletin board, be published in the dailies and on the billboards of the last known office of the defendant.
The notices must last 14 days.
Meanwhile, the Bureau of Economic and Organized Crime (EOCO) froze the accounts of Menzgold's Executive Director, Nana Appiah Mensah (NAM1), with immediate effect.
Last Monday, a special delegation of security agents left Accra to travel to Dubai following the arrest of Nana Mensah in Dubai, United Arab Emirates.
Again, some of Menzgold's aggrieved clients are asking the government to urgently obtain a court order allowing them to temporarily resume the offices of the company (rented or owned) to prevent the owner and his accomplices from moving funds from chests containing huge sums of money outside to unknown destinations.
The Bank of Ghana and the Securities and Exchange Commission had, in the past, issued a series of warnings to the public asking them to refrain from dealing with the company on the grounds that it was not licensed.
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