Aggrieved customers of Menzgold across the country have once again called for the swift prosecution of the Chief Executive Officer (CEO) of the defunct Menzgold Company, Nana Appiah Mensah (NAM1).
In a statement issued by the Coalition of Aggrieved Customers of Menzgold Ghana, dated January 9, 2024, the group said, “We are solidly backing the decision by the Attorney General and Minister of Justice and Director of Public Prosecutions to pursue justice for MenzGold customers”.
The Coalition of Aggrieved Customers of Menzgold Ghana also called on NAM1 to publish the Dubai judgment, “since it is a public document”.
NAM1 is facing 39 counts of fraud and money laundering charges, and his case has been dragging on for several years.
The Attorney General, on August 30, 2023, filed a nolle prosequi in the case against the CEO of the defunct gold trading company Menzgold and replaced it with fresh charges.
Nana Appiah Mensah was granted bail on September 19, 2023, to the tune of GH¢500 million with four sureties, none to be justified.
He was also directed to deposit his passport at the court registry as part of the bail conditions.
This followed his plea of not guilty to 39 counts of fraud and money laundering charges, for which he is standing trial together with Menzgold Ghana Limited and Brew Marketing Consult.
His lawyer, Kwame Akuffo, prayed the court to maintain the condition of GH¢5 million with no justification, which was the condition of the bail he was given at the circuit court where the case was previously heard before a nolle prosequi was entered by the state.
The Deputy Attorney General, Alfred Tuah Yeboah, also on September 19, 2023, announced that his office would be applying for a daily hearing in the case of NAM1.
It will be recalled that the trial of NAM1, and two of his companies began before a High Court in Accra in the last week of December 2023 with the prosecution calling its first witness as it pushes to establish the guilt of the three.
The witness, Stephen Attipoe, a Civil Engineer led in his evidence-in-chief detailed how he invested a total of GH¢5.2 million in the company’s gold vault market for 26 kilograms of gold.
He told the court that he also parted with a total of GH¢335,400 as a non-refundable 6.4% commission on the investments he made in the company, bringing the total amount he invested in Menzgold to GH¢5,535,400.
NAM1 and two of his companies – Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited are facing 39 counts of defrauding by false pretence, inducing members of the public to invest and money laundering.
An initial charge sheet filed before the court accused the three of inducing members of the public to invest a total of GH¢1,680,920,000.
That figure has significantly dropped to GH¢340,835,650, which the three are said to have induced customers into investing due mainly to the fact that some of the complainants are not willing to testify.
Evidence
The prosecution’s first witness, Stephen Attipoe led in his evidence-in-chief by the Director of Public Prosecutions, Yvonne Atakora Obuobisa, told the court that out of the total money invested, he was paid a total of GH¢1,128,000 as his monthly 12% interest on the 26 kilograms of gold traded for the months of July and August 2018, on his behalf per the agreement he signed with the company.
However, in September 2018 when the company began facing payment challenges as a result of the restrictions placed on it by Securities and Exchange Commission (SEC), the witness said an Ecobank cheque with face value of GH¢240,000 given to him by Menzgold as his interest on only 10 kilograms was dishonoured when he went to the Tema main branch of the bank to cash it.
He said in November 2019, Menzgold customers were asked by management of the company to visit selected offices to validate their trading agreements.
“As a result of this directive, I went to the Madina office of Menzgold Company Limited on November 21, 2019, and submitted all the required documents. I was, therefore, duly validated by a lady named Amanda in the presence of Messrs Hortor (his Menzgold Client Relations Officer)”.
Mr. Attipoe, however, added that it has been five years since the company last paid him any money.
Cross-Examination
Kwame Akuffo, counsel for NAM1 and the two companies, in his cross-examination of the witness suggested that the witness took an investment risk and lost.
The witness disagreed and stated that he made the investments because the companies “represented themselves falsely to me,” adding that “after September 2018, I realised that the two companies were operating illegally due to the fact that they weren’t licensed by SEC.”
The lawyer also suggested that the SEC closed down Menzgold in September 2019, and this accounted for the company giving the witness a cheque for only GH¢240,000.
Mr. Attipoe agreed partly but indicated that the total amount that was due on that day was GH¢432,000 and not the GH¢240,000 which was paid by cheque which was dishonoured.
“Are you aware that the only time a default occurred in your relationship was when SEC intervened by closing down the business,” Mr. Akuffo asked.
“That is not correct, because he failed to pay me on September 1, 5 and 13. He failed even though the gold vault trading platform had not been shut down by SEC,” the witness added.
The case was adjourned to January 15, 2024.
Find the full statement below
