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53 Soldiers Sue Menzgold Over GH¢2.5m Investment

Fifty-three soldiers have dragged Menzgold Ghana Limited, a gold dealership company, 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 — are praying the High Court to order a refund of their money.

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.

Plaintiffs’ case

A statement of claim accompanying the writ of summons stated, inter alia, that the defendant, through advertisements and its agents, reached out to the Ghanaian public to subscribe to its services.

It said the plaintiffs took advantage of the advertisements and subscribed to the defendant’s services by investing various sums of money in 2018.

According to the statement, the agreement between the plaintiffs and the company entitled them to 10 per cent returns on their investment for those who invested GH¢24,000 and above and a minimum of seven per cent for those who invested below GH¢24,000.

It said the agreement was for 12 months, after which investors were permitted to terminate or to reactivate their investments.

According to the statement of claim, the defendant company paid the interest, popularly known as extra value, but stopped some time in August 2018 and had since failed to either pay the interest or refund their principal.

The plaintiffs, according to the statement, on several occasions attempted to retrieve their money but they hit a snag.

“Plaintiffs have approached the defendant countless times but they are always met with excuses and postponement,” it said.

Sweat and tears

Describing themselves as hardworking men and women of the Ghana Armed Forces, the plaintiffs contended that they had invested their “sweat and tears” in the defendant company.

They said they were worried that their hard-earned money from what they termed as “sleepless treks and peacekeeping missions” was what they had invested in Menzgold.
The plaintiffs, therefore, prayed the court to direct the defendant company to refund their investments.

Substituted service

The plaintiffs have, since the issuance of the writ of summons, been unsuccessful in serving it on the gold-trading company.

Following from that, their counsel, Mr Yaw Owusu Anane-Asante, on January 8, 2019 filed an application for a substituted service.

The court, presided over by Mr Justice Jerome Noble Nkrumah, has ordered that the writ of summons, the statement of claim and the order for substituted service be served on the defendant via the notice board of the High Court, be published in the dailies and on the notice boards of the last known office of the defendant.

The notices are to last for 14 days.

Meanwhile, the Economic and Organised Crime Office (EOCO) has frozen the accounts of the Chief Executive Officer of Menzgold, Nana Appiah Mensah (NAM1), with immediate effect.

Last Monday, a special delegation of security operatives left Accra for Dubai in connection with Nana Mensah’s arrest in Dubai, the United Arab Emirates (UAE).

Again, some aggrieved customers of Menzgold are asking the government to, as a matter of urgency, secure a court order to temporarily take over the offices of the company (rented or owned) to prevent the owner and his accomplices from moving funds from vaults containing huge sums of money outside to unknown destinations.

The Bank of Ghana and the Securities and Exchange Commission had, in the past, issued a series of warnings to the public to desist from dealing with the company because it had not been licensed.

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Business

Nana Appiah Mensah Triumphs In Dubai, Menzgold Customers Will Be Paid Soon?

After several months of back and forth in Dubai in an alleged fraud case involving the owner the Menzgold Company Limited Nana Appiah Mensah, information reaching us revealed the Ghanaian businessman has been cleared of all charges by the authorities in Dubai.

Sammy Baah Flex, the Head of Communication of Zylofon Media, a company owned by Nana Appiah Mensah dispatched the news on Zylofon FM on Tuesday, April 9, 2019, stating that he was told by a management member of Menzgold.

To confirm the information, Nana Appiah Mensah took to his Instagram page for the first time in many years to publish a victory message, thanking God for seeing him through.

See the message below.

This development could mean a lot for Menzgold customers who are expected to be paid gradually when Nana Appiah Mensah finally touches down Ghana. Even though, it is not clear when he will be back in the country, winning the court case in Dubai is the first step in the right direction.

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Business

Dr Gabriel Odeh Apotey Is The New Chief Operation Officer Of Upper Manya Kro Rural Bank Limited

Gabriel Odeh Apotey was appointed Acting Chief Operating Officer (COO) of Upper Manya Kro Rural Bank Limited effective on 1st March 2019 by the Board of Directors of the Bank.

The appointment of Dr Apotey whose expertise ranges from Project Valuation and Financing, Rural Banking, Staffing Psychology, Corporate Security Management, Strategic Coaching, Branding Psychology, Emerging Investment Decisions, Economic Reengineering, Financing Taxation and Advance Human Networking was undoubtedly especially with his ten (10) years stay with the Bank.

Born on March 2, 1983 in Somanya and a Christian who fellowship with The Apostolic Church of Ghana, Apotey is a Part-Time Lecturer at Institute of Project Management Professionals and holds a Bachelor in Educational Psychology (University of Cape Coast, Ghana), MBA in Accounting (Wisconsin International University College, Ghana), Doctoral Fellow (CIMS, USA), Ph.D in Finance (The University of America, California) and Ph.D in Management (Akamai University in Hawaii, USA).

He is a Certified Business Consultant, Certified Global Business Analyst, Certified Project Management Consultant, Member of Ghana Association of Restructuring & Insolvency Advisors, Chartered Financial & Investment Analyst (South Africa & Ghana), Policy Analyst ( PIED-Ghana), Chartered Manager (CIMS, USA), Professional Business Accountant (Canada), Certified Economist (Ghana) and a Certified Public Accountants (England /Wales).

Apotey has two(2) books to his credit and has authored four(4) articles published in International Journals particularly in the USA and India.

The aforementioned, he emphasizes, is not by his might but the doings of God. Gabriel has a strong attachment to the ministrations of Apostle Emmanuel Adom of The Apostolic Church Ghana, Rev Eastwood Anaba of Fountain Gate Chapel and Prophetess Mercy Aidoo of Mankessim.

He expresses utmost gratitude to some persons who have inspired and helped him to climb the ladder of success.

“I am very grateful to Madam Agnes Adjo Apotey (later mother), Simeon Tawiah, Bernard Kojo Henyo, Professor Hubert Rampersad, Andrew Akyampong, Richard Twum-Berimah Koranteng and Dr Divid Ackah,”

Apotey hopes to bring his competence, commitment and loyalty to bear to contribute towards the vision and mission of Upper Manya Kro Rural Bank Limited. As someone who believes in teamwork, he looks forward to working with the entire staff.

The native of Yilo Krobo (Somanya) is gracefully married to Mabel Ayongo Apotey and blessed with three (3) children: Michael, Daniel and Gwendolyn.

 

—-SUBMITTED—-

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Business

Fada Dickson Wins Excellence In Media Management, Makes His First Public Event Appearance | WATCH

Fada Dickson,  Director of Administration & Finance of the media department of the Despite Group of Companies won the Excellence In Media Management Award at the Gold Coast Excellence Awards 2019. The most exciting part of it all is, he was a presence at the event to pick the award himself.

According to Abeiku Santana who accompanied Fada Dickson on stage to pick the award, he revealed that the media administrator has never attended or spoken publicly before because he is the shy type who prefers hard work over talks.

Watch Fada Dickson picks his award and poses for photos and videos on the red carpet.

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