- The High Court in Accra dismissed NAM1's attempt to avoid the case
- The court found enough evidence to proceed on 35 out of 39 charges against NAM1 and his companies
- NAM1 will need to explain his company's activities
Nana Appiah Mensah, commonly known as NAM1, CEO of the now-defunct Menzgold Ghana Limited, along with his two companies, has been directed by the Accra High Court to present their defenses in response to charges brought against them in the Menzgold case.
This decision follows the court’s dismissal of NAM1’s attempt to argue that there was no case for him to answer.
The court concluded that the prosecution, supported by testimony from nine witnesses, has successfully established prima facie evidence in 35 out of the 39 charges. Justice Ernest Owusu-Dapaa, examining each count individually, determined that the accused parties must provide explanations.
Regarding allegations of operating without a valid license for gold transactions, the court found sufficient grounds to proceed with charges. Similarly, NAM1 and his company Brew Marketing Consult are required to address accusations related to unauthorized deposit-taking activities, as outlined in the Banks and Specialized Deposit-Taking Institutions Act.
Furthermore, the court emphasized the need for NAM1 to clarify the endorsement status of Menzgold’s business operations by the Bank of Ghana. It also highlighted concerns over the alleged use of celebrity endorsements, such as Stone Bwoy and Becca, to influence public investment in Menzgold and Brew Marketing Consult.
While the court acquitted NAM1 on certain counts where victims were unavailable and the prosecution withdrew charges, it upheld charges of defrauding by false pretenses and fraudulent breach of trust, among others. The accused have been instructed to begin presenting their defense on these matters.
The proceedings are scheduled to resume on July 23, 2024.
Background:
NAM1 pleaded not guilty to 39 counts of fresh charges and was granted GHC500k bail with four sureties without justification.
The bail terms also include an order for him to deposit his passport at the Registry of the Court and report to the CID headquarters every Thursday.
NAM1, who was also representing Menzgold Ghana Limited and Brew Marketing Consult, the other two accused persons, earlier said, “My Lord, I’m not guilty,” as he responded to charges.
The 39 counts comprised a count each of selling gold contrary to section 99(1) of the Minerals and Mining Act, 2006 (Act 703), operating a deposit-taking business without a license contrary to sections 6(1) and 22(1) of the Banking and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), and inducement to invest contrary to section 344 of the Companies Act, 2019 (Act 992).
The others include 22 counts of defrauding by false pretense contrary to Section 131(1) of the Criminal Offences Act, 1960 (Act 29), seven counts of fraudulent breach of trust contrary to Section 128 of the Criminal Offences Act, 1960 (Act 29), and seven counts of money laundering contrary to Section 1(2)(a)(i) of the Anti-Money Laundering Act, 2020 (Act 1044).
