Kasoa police officers drag Menzgold to court to retrieve locked up cash

Some 100 retired and active Police Officers at the Kasoa Divisional Police Command in the Central Region whose investments are locked up with Menzgold Ghana Limited have sued the Gold dealership Company.

Menzgold office

They filed the writ at the Accra High court in a bid to retrieve their locked up investments after efforts to retrieve their monies proved futile.

Samson Addai, leader of the disappointed police officers blamed the government for the inability to regulate the activities of Menzgold.

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He said "Government said we are too greedy because we were not diligent enough and invested our money there. If government says Menzgold does not have the licence to operate, then the CEO should be arrested, so he pays us.


"We don’t want to take the law into our hands, that is why we have engaged a lawyer to retrieve our money for us. So, we have filed a writ at the Accra High Court to demand our money. We are not saying government should pay, but rather it should force Menzgold to give us our cash."

Another police officer said their salary is not enough which they invested in Menzgold to get some profit returns after sometime.

"Menzgold helped us a lot. As police officers our salaries were meagre, but we were able to carry out some projects with our investment returns. We blame government for what has happened but not Menzgold. For Ken Ofori-Atta to tell us that we are greedy, we don’t get it. They did not do their work well.

"If government has halted the operations of Menzgold, we are only interested in getting back our cash. The company has failed to pay us in spite of the terms and conditions associated with the new migration onto the online platform," the police officer added.


READ ALSO: Menzgold demonstrators jamming to ‘Bɔbɔlibɔbɔ’ is sad and fun at equal measure

Menzgold has been in the news in recent months following disagreements with the Bank of Ghana (BoG) regarding its operations.

The development is the order from the Securities and Exchange Commission (SEC) to have the company shut down its gold trading activities. 

Consequently, the company has halted its collectibles and all other new businesses related to its gold vault market, albeit temporarily. 


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