The embattled Chief Executive Officer of defunct gold dealership Menzgold Ghana, Nana Appiah Mensah, widely known as NAM1, has mounted a robust defence before an Accra High Court, insisting that his operations were fully authorised by state institutions at the time his company was in business.
NAM1, who is facing 39 criminal charges including selling gold without a licence, fraudulent breach of trust, defrauding by false pretences and money laundering, reiterated during cross-examination that his operations were lawful.
He told the court that contrary to allegations that he operated without authorisation, his company, A2, was properly licensed and incorporated to carry out gold-related activities.
“Subsequently, about two or three years later, the status of PMMC changed when government mandated it as a national assay office instead of a licensing body. Against that backdrop, A2 was advised to apply to the Minerals Commission.
“The application went through all the necessary processes, including the submission of a comprehensive profile detailing the specific business areas and product lines we intended to operate under the licence. All required fees were paid and we were eventually invited to sign the necessary documents. Based on this, A2 obtained the relevant approvals to operate,” he told the court.
NAM1 further explained that A2 had earlier applied to the Precious Minerals Marketing Company (PMMC), completed all required documentation, paid the necessary fees and underwent scrutiny before being issued with a licence to operate.
However, when questioned by the prosecution to produce documentary evidence of the licences, NAM1 admitted that the documents were not immediately available, assuring the court that he would make efforts to present them at the next sitting.
He attributed the challenge to the shutdown of the company and the takeover of its offices by state institutions.
“However, I will strive to retrieve these documents for my case, possibly before the next adjourned date. We had valid licences from the relevant authorities for our operations,” he added.
Meanwhile, The presiding judge, Justice Sedinam Awo Kwadam, of the Accra High Court has consequently instructed NAM1’s legal team to file his witness statement ahead of the next hearing, which has been adjourned to February 19.
Outside the courtroom, pressure continues to mount from customers affected by the collapse of Menzgold. The Convener of the Aggrieved Customers of Menzgold, Frederick Forson, told the court that nearly 300 members have died over the years due to frustration linked to the non-payment of their investments.
