The Chief Executive Officer of defunct Menzgold Ghana Limited, Nana Appiah Mensah, has denied breaching any financial laws in order to operate an illegal gold dealership firm. Appiah Mensah, who is also known as NAM1, is standing trial for defrauding over 16,000 clients of the defunct firm to the tune of GH¢1.6 billion.
Appearing before the High Court on Tuesday, September 19, 2023, NAM1’s lawyer, Kwame Akuffo, told the Court that his client did not breach the Banking and Specialised Deposit-Taking Institutions Act, 2016 (Act).
The lawyer rather claimed that officials of the apex bank (Bank of Ghana) gave his client the advise to streamline operations by changing the name of the gold deposit taking institution from Menzbank [previously known as Menzgold] to Menzbac.
“Indeed, in meetings with the BoG, it was the BoG that recommended that third accused company (Brew Marketing Consult) be set up in order to ensure that the gold marketing business was kept distinct from the business of Menzgold,” counsel said, he is quoted by Graphic Online.
NAM1’s lawyer Kwame Akuffo, however, failed to provide the names of the BoG officials who he claimed gave his client the said advise.
He stated that this could change at an appropriate time during the trial proceedings as he would exercise the right to subpoena the BoG officials to testify before the Court in order to support his client’s defence.
“I will skip the names because the court may take evidence from them in camera,” counsel for NAM1 told the High Court. Meanwhile, Nana Appiah Mensah was, on Tuesday, subsequently granted bail in the sum of GH¢500 million, with four sureties by the High Court which was presided by Dr Ernest Owusu-Dapaa, a Justice of the Court of Appeal, sitting as an additional High Court judge.
NAM1 is facing some 39 counts for his role in violating Act 930 of the BoG, defrauding by false pretence, engaging in money laundering and fraudulent breach of trust, according to state prosecutors.