Fifty-Three military personnel have sued Menzgold Ghana Limited at the high court for failing to pay back investments totalling GHc 2.5 million.
The personnel; from the navy airforce and navy, are asking the court to order a refund of their money.
The Daily Graphic newspaper reported that the writ of summons was issued on December 12, 2018.
But the soldiers have been unable to serve it on the minerals trading company.
Following from that, their counsel filed an application for substituted service on January 8, 2019.
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.
It is also to 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.
The soldiers’ investment ranged between GHC18, 000 and GHc 244,000, the paper said.
The soldiers who invested above 24,000 were expecting interest returns of 10 percent.
They described themselves as hardworking men and women saying 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.
Menzgold is also dealing with a lawsuit from 100 retired and active Police Officers at the Kasoa Divisional Police Command in the Central Region.
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.
NAM 1 arrested, assents frozen
The company’s Chief Executive Officer, Nana Appiah Mensah, has been under arrest in the United Arab Emirates since December 8, 2018.
The Economic and Organized Crime Office (EOCO) has also frozen some accounts of the Menzgold CEO.
Citi News sources at EOCO say the office also plans to seek out accounts belonging to Menzgold and other related businesses.
EOCO also plans to apply for a court order, to freeze all landed properties belonging to the CEO and companies.