Rev Minister sues Menzgold over Gh₡24,000 locked investment

BY: Enoch Darfah Frimpong

A Reverend Minister has dragged gold trading firm Menzgold Ghana Limited, and its Managing Director, Nana Appiah Mensah to court for breach of contract in relation to an investment of Gh₡24,000 in the company’s gold business.

Reverend Joseph Appiah Odei of Tabora in Accra, is claiming general damages for breach of contract and misrepresentation.

He is also claiming interest on the total sum of Gh₡24,000 which he deposited with Menzgold on April 20, 2018.

Rev Odei filed the suit on October 5, 2018 at the Accra High Court.

According to the statement of claim accompanying the writ, Rev Odei states that on April 20, 2018, he deposited 12 pounds of gold estimated at Gh₡24,000 for a period of 12 months and paid a non-refundable commission of Gh₡1200 to Menzgold.


Related: Menzgold customers can terminate contract after Jan 9

Menzgold on Monday October 8, 2018 announced that customers who wished to terminate their investment could do so after January 9, 2019.

It is only then that the company will pay them the value of their gold traded [initial investment] in the gold vault market.

Meanwhile, the company has said it will no longer pay extra value [dividend] to customers because of the challenges and difficulties it is facing "with its Bankers arising from instructions and actions of certain government institutions."

In a press statement signed and issued by Nii Amarh Amarteifio, Head of Communications, the company said it has noted that the principal concerns of its customers were for the return of their primary value of gold traded with the company.

It has therefore agreed and "proposes to pay and return to every customer the full value of gold traded, in ninety days (90), commencing from Tuesday, 9th October 2018."

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Below is a copy of the writ and statement of claim