The communications director of the firm, Nii Armah Amartefio, told Accra-based Class FM on Friday that the firm owes its clients GHC200 million.

He appeared to quote the finance minister who told some aggrieved military customers of Menzgold early this year that the gold dealership firms owes customers GHC200 million.

He said the company is focused on paying the principals of its customers after winning a Dubai case in which the Gulf state ordered Horizon Diamonds to pay NAM1 some $39 million for gold supplied by Menzgold.

“We need to pay our customers and whatever we need to do we are going to do and that is what we are doing,” he assured the investors.

He, however, fell short of giving any timelines for the payment, saying “We have an obligation to pay all our customers”.