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100 POLICE OFFICERS SUE MENZGOLD

General News

More and more Ghanaians, confronted with the harsh realities of trending financial scams, have added to the woes of Menzgold by suing the institution.

More and more Ghanaians, confronted with the harsh realities of trending financial scams, have added to the woes of Menzgold by suing the institution.

Some 100 angry retired and active police officers at the Kasoa Divisional Police Command in the Central Region, whose investments are locked up at Menzgold, have filed a writ at the Accra High Court against the gold dealership.

Quiet deals

The police are particularly worried because there are rumours that Menzgold is paying other categories of customer on the quiet.

The aggrieved officers are praying the court to direct Menzgold to release their investments to them to enable them to reinvest elsewhere.

Failed contract

According to the police, they took this line of action because all attempts to retrieve their monies from Menzgold had proved futile.

Leader of the group Samson Addai however, blamed the government for members' woes because it failed to regulate the company's activities.

“Government said we are too greedy because we were not diligent enough and invested our money there. If government says Menzgold does not have the licence to operate, then the CEO should be arrested so he pays us,” Mr Addai said in a radio interview.

Threat

“We don’t want to take the law into our hands; that is why we have engaged a lawyer to retrieve our money for us. So, we have filed a writ at the Accra High Court to demand our money," Mr Addai said.

"We are not saying government should pay, but rather it should force Menzgold to give us our cash.”

Another policeman reaffirmed their resolve to get their money by going through the legal process, and also attributed the current turn of events to government’s dereliction of duty.

Some customers have already demonstrated against the company over non-payment of their locked-up cash.

Pastor sues

This is not the first suit against the company. In October 2018, a customer sued the institution for breach of contract and misrepresentation.

The customer, who is a reverend minister, is demanding the payment of his accrued interest and GHC24,000 principal, investments which he allegedly deposited with Menzgold on April 20, 2018.

In his writ, Reverend Joseph Appiah Odei said he deposited 12 pounds of gold, estimated at GHC24,000 for 12 months, and paid a non-refundable commission of GHC1,200 to Menzgold.