An Accra High Court has ordered the troubled gold dealership, Menzgold Ghana Limited, to refund GH¢2,664,000 owed 58 military personnel.
State-owned Daily Graphic newspaper reports that Her Ladyship, Mrs Angelina Mensah-Homiah ruled on November 4, 2019, that investors will receive their monies at prevailing interest rates and not what the gold dealership promised.
Judge “refused to enforce the contractual interest at the rate
contained in the respective agreements between Menzgold and the
respective plaintiffs because it had been found to be a Ponzi Scheme in a
plaintiffs will instead be paid interest at the prevailing commercial
bank rate from the date of judgement until the date of final payment,”
the newspaper reported on Friday.
The investors include soldiers from the Ghana Navy, the Ghana Air Force and the Ghana Army.
In a writ of summons issued on December 12, 2018, the soldiers had prayed the High Court to order a refund of their money.
The sums which are their principal investments with Menzgold ranged between GH¢18,000 and GH¢244,000.
“One of the plaintiffs, who spoke to Graphic Online on condition of anonymity, disclosed that Menzgold had been served with the judgement and he was awaiting a refund of his investment,” the newspaper said.
Meanwhile, hundreds of
Menzgold have been massing up at the Kumasi and Accra offices of the
firm to validate their claims documents.
Menzgold said in a statement last
week that it will begin verifying claim documents from customers as
part of an elaborate process to settle their locked-up funds.
According to the statement from the firm, the validation of documents
regarding claims of the customers will start on October 28 from 9 am to
4 pm each day.
The validation process ends on November 28, 2019.
“All customers are expected to visit any of the respective outlets within the hours of 9:00 am to 4:00 pm each working day and submit photocopies of their Gold Trading Agreement, Receipt of Gold Traded Purchase, Gold Trading Commission Receipt, Valid National ID Copy and Evidence of Gold Re-trade(s) and Receipts or Agreements,” the statement urged customers.