Gov’t to liquidate Menzgold’s properties to settle debts
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Gov’t to liquidate Menzgold’s properties to settle debts

- The finance minister, Ken Ofori-Atta, has hinted of a plan to pay back some of the monies invested by clients of Menzgold Ghana Limited

- He revealed that assets will be liquidated for that purpose but government will not spend its resources in that process

- Ofori-Atta said this when he met with army officers at Burma Camp in Accra

The minister of finance, Ken Ofori-Atta, has disclosed plans by the government to settle some of the debts owed clients of Menzgold Ghana Limited.

According to a report by Graphic.com.gh, he explained that assets of the embattled gold firm will be liquidated in order to repay clients of the company who are due over GH¢200 million.

The minister said this during an interaction with officers of the Ghana Armed Forces (GAF) at Burma Camp on Friday, February 22, 2019.

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He said the government was in the process of liquidating properties and assets of Nana Appiah Mensah to repay the clients of the firm

"I think we have come up with the realization that maybe over GHC200 million is outstanding. He (Nana Appiah Mensah) has been apprehended in Dubai and I am sure a committee will be put together to see how to liquidate, and whatever it is that can be found can be given to those who gave money," Ofori-Atta said.

The finance minister however added that the government would under no circumstances spend on issues related to Menzgold, as the customers ought to have known the risks they took.

Ofori-Atta’s statement was in reaction to an appeal by some soldiers who had invested in Menzgold, and took advantage of the president’s visit to call for help.

The finance minister's explanation on Friday was in response to an appeal by some soldiers who had invested in Menzgold and had used the opportunity of an interaction with President Akufo-Addo at the Burma Camp to call on government for help.

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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.

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Source: Yen

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