Menzgold case: NAM1 makes 28 court appearances without trial since 2019

In 2019, NAM1 made six appearances at the Circuit Court in Accra while in 2020 he appeared in court eight times. He then made further nine appearances in 2021 and five times in 2022.

In 2019, the CEO of Menzgold appeared in court on July 12 (his first) and made subsequent appearances on August 6, September 3, October 23, November 20 and December 23.

For 2020, the CEO of Menzgold made appearances on January 21, March 6, June 24, July 20, September 7, October 1, November 4 and December 16.

In 2021, NAM1 made nine appearances on January 20, March 2, April 1, May 27, July 6, September 2, October 11, November 22 and December 21.

In 2022, the embattled CEO of Menzgold has been in court five times on February 21, April 4, May 16, July 15 and August 16 with the next court hearing fixed for September 27.

Meanwhile, he had also made court appearances in a Dubai Court prior to his return to Ghana following the collapse of Menzgold.

Main trial

On August 17, 2019, the embattled NAM 1 was released from police custody after meeting his varied bail conditions.

NAM1 together with his wife Rose Tetteh and his sister Benedicta Appiah (both at large) were facing a total of 13 counts of defrauding by false pretences, money laundering, abetment and carrying on deposit-taking business without licence.

Two of his companies- Menzgold Ghana Limited and Brew Marketing Consult Limited – have also been charged with seven counts of defrauding by false pretences and carrying on deposit-taking business without licence.

On July 26, 2019, NAM1 pleaded not guilty to all the charges and the court presided over by Jane Harriet Akweley Quaye granted him bail to the tune of GH¢1 billion (about $185 million) with five sureties, three of which are to be justified.

Additionally, he was ordered by the court to report to the police every Wednesday.

But the condition that required him to ensure three of the five sureties provide justification was removed when he could not meet his initial bail terms.

Charges

The initial counts preferred were defrauding by false pretences, abetment to defraud by false pretences, carrying deposit business without licence, abetment of sale of minerals without licence, sale of minerals without licence, abetment of unlawful deposit-taking, unlawful deposit-taking and money laundering.

Brief facts

The brief facts of the case as presented to the court by then ASP Asare, (now DSP Asare) were that in October 2018, the police received a complaint from about 16,000 people that Menzgold had convinced them to invest GH¢1.68 billion in a gold purchase scheme that yielded 10 per cent monthly interest.

DSP Asare told the court that, the complainants said their money was locked up and they could not find Mensah and the other principal officers of the company.

He said investigations revealed that Menzgold and Brew Marketing Consult were incorporated as limited liability companies in 2013 and 2016, respectively.

DSP Asare said Menzgold obtained a licence from the Minerals Commission in August 2016 to purchase and export gold from small-scale miners, and that in order to successfully engage in the business, Nana Appiah founded Brew Marketing Consult to be a gold buying agent.

DSP Asare said although Menzgold was licensed to purchase gold, it was not licensed by the Minerals Commission to trade in gold.

Notwithstanding the lack of such a licence, he said, Menzgold went public after its incorporation and invited the public to deposit money for a fixed period with interest, on the pretext of gold purchasing.

He said further investigations revealed that the three accused persons were the directors and principal officers of Menzgold and Brew Marketing Consult.