Posted on: www.dailyguideghana.com
By
William Yaw Owusu
Friday, September 20, 2013
About 21 clients of the US Group of Companies have
filed a joint suit against the company at an Accra Fast Track High Court for
allegedly failing to pay back money invested in the company.
The group, led by Alexander Obuobi, wants the court to
recover a sum of GH¢1,167,928.00 as the total
indebtedness owed to the plaintiffs by the company.
The plaintiffs also want interest at the agreed
default rate of 4 per cent per month, legal cost, damages and any order that the court might deem it fit.
In their statement of claim, the plaintiffs said
they were private individuals doing business with customers/clients of US Group
of Companies.
According to the plaintiffs, the defendant has
registered offices in the Volta, Eastern, Ashanti and Greater Accra regions and
was engaged in tilapia farm projects, tilapia investments and money lending,
among others.
The plaintiffs averred that the farming project of
the defendant enabled it attract funds from clients who wished to invest in the
Tilapia Project and the investment monies later invested or saved into an account
of US Money Lending.
“On or about January 2012, the plaintiffs, acting on
the strength of the defendant representatives and personal assurances of
re-payment with exorbitant interests, invested money into the defendant’s group
of companies and provided all the necessary documentations to the defendant
personally to enable them profit from their various investments.”
They claimed that it was “expressly agreed or alternatively
implied by the course of dealings between the parties that the defendant shall
take steps to pay plaintiffs proceeds after the harvesting period, and also
after the duration of the loan agreement either in bulk or individually.
According to the plaintiffs, the defendant had
unfortunately made no efforts to settle its outstanding liability.
By the terms of the agreement, the plaintiff said cost
of a full cage was GH¢6,000 and it covered the construction of the cage and
stocking with 6000 fingerlings. It also provides that an investor who could not
afford to purchase full cage could go for up to 1/25th of the full
cage and enjoy amazing profit margins.
The plaintiffs also claimed that the cost of feeding
for the first 12 months was GH¢7,020.00 at the current feeding fee of GH¢780.00
per month and it added up to a total cost of GH¢13,020.00.
They said the above-mentioned amount “goes to cover
maintenance and any other matters related to the cage and its content for the
first years.”
According to the plaintiffs, after the first 12
months, harvesting will take place every six months implying that an investor
will get double of the total amount they get in the first year.
The plaintiffs averred that by the terms of the
investment contract with the defendant, it was agreed that plaintiffs should
enjoy interests of between 96 and 120 per cent over six to 12 months period and
a 4 per cent default interest per month on any amount outstanding.
They said that when payments were due, the company
issued some of them cheques but they all bounced at the counter.
The plaintiffs averred that several attempts to get
their money had proved futile and unless the court intervened, they might never
get their money.
The defendant is yet to file their response to contest
the case.
3 comments:
I am also an investor, what can I do to get my money back. US group of companies have failed me. My name is Appiah Owusu Ansah
I am also an investor. how can i sue them. US group of companies have failed me
I am also a victim
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