Auction of Menzgold properties suspended

General News of Tuesday, 15 January 2019



Menzgold PremiseMenzgold

Auction of Menzgold office in the Ashanti regional capital, Kumasi, has been suspended following a dispute over the ownership of the properties.

Mr. Collins Kwabena Badu has popped up with an interpleader claiming ownership of the property situated on Plot 6 at Amakom Brotia.

The push for the sale of the building is one of the limited options clients of embattled Menzgold frustrated over the failure of the ailing company to refund their investments.

Menzgold, according to some experts is a Ponzi scheme that is unraveling after at least four years of lures investors and pays profits to earlier investors by using funds obtained from more recent investors.

Now desperate, there is a scrabble for the companies’ properties in hope to legally recover trapped investments.

Henry Darko who has obtained a judgment to sell off assets of Menzgold has ¢22,500 at Menzgold. The court added interest of ¢302.25 cedis and cost ¢2,000.

According to the judgment he has obtained, he is free to sell off the properties if Menzgold fails to pay him the cash by close of day, Tuesday.

But with an interpleader served on Henry Darko, the KMA court is expected to hear the case once his lawyer, Nii Amuiamui, files his client’s response.

In a related case, another customer Nanga Christopher has filed a suit against Menzgold demanding the refund of his ¢24,000 investment with interest.

According to the suit he put his money in the so-called gold dealership company on August 27, 2018, expecting a promised 10 per cent monthly return.

A month before his decision to invest, the Bank of Ghana had issued another caution letter to the company to desist from taking further deposits.

This letter was part of several others warning the public against dealing with Menzgold.

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