Court orders auction of Menzgold’s Amakom properties

By Primenewsghana
Court orders auction of Menzgold’s Amakom properties
Court orders auction of Menzgold’s Amakom properties

The Kumasi Circuit Court has ordered the sale of properties of Menzgold Company Limited in Amakom in the Ashanti Region by public auction before 10 am on January 16, 2019.

This follows a suit brought against the company by an aggrieved customer, Henry Darko over the failure of the company to pay his principal investments and extra value.

The court, in its ruling, while instructing the company not to sell or gift out the property, cautioned the general public not to receive the property whether by purchase, gift or any other means.

This was contained in a writ posted on the notices of the company of the gold dealership company in Amakom.

The company has over the past months faced a number of suits over the failure to repay the principal investments of its customers.

This comes after 100 retired and active Police Officers at the Kasoa Divisional Police Command in the Central Region sued Menzgold in a bid to retrieve their locked up investments.

The affected officers told Citi News they resorted to the court because all attempts to retrieve their monies from Menzgold have proven futile so far.

The Leader of the group, Samson Addai, blamed the government for their woes because it failed to regulate the activities of the company.

Staff sound alarm

Staff of Menzgold are also distrustful of their management, who they accused of conniving with some persons within the government to secretly pay off selected clients of the company.

The staff, who say they have been working for four months without pay, also say they are being denied information by management on the issue of client settlements.

Powers in governance are aiding persons to retrieve funds but these same powers are reluctant in seeking the best solution for all,” the staff said in the statement.

Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC).

Menzgold had been dealing in the purchase and deposit of gold collectables from the public and issuing contracts with guaranteed returns with clients, without a valid license from the Commission.

This, the SEC said was in contravention of section 109 of Act 929 with consequences under section 2016 (I) of the same Act.

Read also: Menzgold: Angry customer petitions Prez Akufo-Addo amid claims NAM1 relocates to SA Source: citinews

Latest news in Ghana