Menzgold files a last-minute defence in the case with 53 soldiers

Menzgold files a last-minute defence in the case with 53 soldiers

- Menzgold Ghana Limited has filed a last-minute defence in court in a case involving 53 soldiers

- This compelled the counsel for the soldiers, Captain (Rtd) Nkrabea Effah Dartey, to withdraw an earlier application, and request for a cost of GHC10,000

- The court however granted a cost of GHC8,000

Information available to shows that beleaguered gold firm, Menzgold Ghana Limited, has filed a last-minute defence in court, in a case involving 53 soldiers.

Per a report by, the military personnel took Menzgold to court for failing to pay back their investments totalling GHC2.5 million.

The soldiers had earlier filed for a default judgement because Menzgold failed to file a defence within the stipulated time.

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It was, however, revealed in the court that Menzgold, which has halted operations, filed a defence just before the court sitting.

In view of that, the counsel for the soldiers, Captain (Rtd) Nkrabea Effah Dartey, withdrew the application but asked for cost of GH¢10,000.

The court, presided over by Justice Jerome Nkrumah, however struck out the application for default judgement as withdrawn, and granted the soldiers cost of GH¢8,000.

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

They are, per the writ of summons issued on December 12, 2018, accordingly praying 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 represent the plaintiffs’ principal.

Plaintiffs are arguing that even if the defendant claims that it cannot pay their interest, they are entitled to their principals.

In September 2018, the Security and Exchanges Commission (SEC) announced that Menzgold has been shut down, following infractions with regard to regulations.

The company however assured its customers that their investments were safe but it is yet to repay some of them.

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Source: Yen Newspaper

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