The clients of Menzgold Ghana Limited have been handed a lifeline in their quest to recoup their deposits from the troubled gold dealership firm.

The Minister of Finance, Ken Ofori-Atta during an interaction with officers of the Ghana Armed Forces at the Burma Camp in Accra today (February 22), assured the officers that the assets of Menzgold CEO, Nana Appiah Mensah will be liquidated to repay the deposits of the clients of the troubled company.

He said the government was in the process of liquidating properties and assets of Nana Appiah Mensah to repay the clients of the firm who are due over GHS 200 million.

In December 2018, 53 soldiers dragged Menzgold to the High Court for failing to pay back their total investment of GH¢2.5 million.

The plaintiffs — from the Ghana Navy, the Ghana Air Force and the Ghana Army — prayed the High Court to order a refund of their money.

According to the plaintiffs, all efforts to retrieve the money had been unsuccessful.

Per the writ of summons, they want the court to order a refund of their money, ranging between GH¢18,000 and GH¢244,000.

The amounts quoted on the filed court documents represented the plaintiffs’ principal.

The plaintiffs argued that even if the defendant claims that it cannot pay their interest, they are entitled to their principals.

Source: Graphic