Menzgold ordered to refund GH¢2.6m owed 58 soldiers

Source theghanareport/Sefanam Agbobli

The Accra High Court has ordered embattled gold dealership firm, Menzgold Ghana Limited to refund GHC2,664,000 owed some fifty-eight (58) soldiers.

The court, presided over by Justice Angelina Mensah-Homiah J. in a November 4, 2019 ruling, however, 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 previous suit.

This means the plaintiffs will be paid interest at the prevailing commercial bank rate from the date of judgement till date of final payment.

The plaintiffs include soldiers from the Ghana Navy, the Ghana Air Force and the Ghana Army per the writ of summons issued on December 12, 2018.

They however prayed the High Court to order a refund of their money.

The sums of their principal investments with Menzgold ranged between GH¢18,000 and GH¢244,000.

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