53 Ghanaian soldiers sue Menzgold over $500k locked up investment

Ghana Armed Forces
  • Fifty-three Ghanaian soldiers are praying the court to instruct Menzgold Ghana to pay them their principal investments.
  • The soldeirs say all attempts to get their principal paid have proven futile, hence their resort to the court.
  • Their monies range between GH¢18,000 ($3,674.37) and GH¢244,000 ($49,808.11).

Fifty-three personnel of the Ghana Armed Forces have filed a suit against a gold dealership firm, Menzgold Ghana Limited, at the High Court for failing refund their total investment of GH¢2.5 million ($510,329).

The 53 comprise personnel from the Ghana Navy, the Ghana Air Force, and the Ghana Army. They are praying the High Court to order the gold firm to pay them back their money. 

In the writ, the plaintiffs stated that all efforts to retrieve the money has been unsuccessful. 

They are, per the writ of summons issued on December 12, 2018, praying the court to order a refund of their money, ranging between GH¢18,000 ($3,674.37) and GH¢244,000 ($49,808.11).

According to the plaintiffs, the amounts quoted are their principal investments. They added that they would take back their principal investments if the defendant cannot pay their interest.

According to the writ, the soldiers said per the agreement between the plaintiffs and the company they were entitled to 10 percent returns on their investment if they invested GH¢24,000 and above and a minimum of 7 percent if they invested below GH¢24,000.

The investment was for 12 months, after which the investors could terminate or reactivate their investments.

The statement of claim added that even though the defendant company paid the interest, popularly known as extra value, it stopped sometime in August 2018 and had since failed to either pay the interest or refund their principal. 

The plaintiffs argue that they have tried several times to retrieve their monies but to no avail. 

"Plaintiffs have approached the defendant countless times, but they are always met with excuses and postponement," it said.

However, the plaintiffs have been unable to serve the gold trading firm with the writ of summons since its issuance. This has caused their counsel Yaw Owusu Anane-Asante, to file an application for substituted service on January 8, 2019.

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