Clients have reaffirmed their demand for the National Trust Holding Company (NTHC) to release their locked-up cash totaling many millions of Ghana cedis, including numerous state-owned organizations.
A number of the firm's distressed investors are wondering when their investment would be released at the NTHC because more than GH500 million in investor monies remain locked up there.
If the investor fails to pay the workers of Ghana Oil (GOIL) their money within a specified timetable, they have threatened legal action, including retired personnel who have around GH 30 million locked up at NTHC.
Over 120 employees said in an interview that since 2020, NTHC had unilaterally ceased investing money in various products, which led to a halt in the payment of interest.
The NTHC management acknowledged the company's obligation to the GOIL employees and other clients but stated that the investment business was seeking assistance from the government.
Contract
Nevertheless, the GOIL employees claimed in a letter to NTHC written by their attorney, Stephen Gyaben, that the investment company's decision to withhold payment constituted a violation of the contract.
"The affected investors have made many attempts to get their money back, but to no avail. The NTHC management has done nothing except make unfulfilled promises to investors regarding the payment of their money for the past two years or more.
"Thus, I have instructed my clients to request payment of their money within fourteen (14) days of the date of this letter, failing which, The letter stated, "They deserve the right to pursue all available legal avenues to get payment of their money.
The company's debt to its customers was acknowledged in an interview by NTHC's managing director, Isaac Charles Acquah, who also claimed that management was aware of the issue and trying to find a solution.
"About GOIL, management met with the personnel of GOIL to explain the efforts being taken to get their money paid to them because of the amount involved.
I brought my management team to meet them, so we are not ignoring them, Mr. Acquah said. "We are not happy about it and we recognize the agony we are putting them through.
Halfway
He said that the money that NTHC periodically raised was so modest in comparison to the exposure to GOIL when questioned why it couldn't meet the employees halfway.
He said that whatever money the NTHC was able to obtain through cash was utilized to pay off individuals whose investments were not as significant.
"There are others whose money is tiny, therefore if I am successful in pursuing those who owe us, I pay those whose money is small with the little I can raise.
"The little money I can collect from those who owe us may not mean anything to the personnel of GOIL because of the amount of their money; they may even become irate with you, but the same GH150,000 may be used to settle approximately 50 or 80 individuals," he added.
Unfair
I concur that paying out to little investors is starting to seem unfair to individuals with larger sums of money since it could seem as though you are never including them in your plans, he added.
"We have had significant discussions on this issue with the administration, and we are optimistic that a constructive outcome may result from the engagement," he continued.
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