The embattled Chief Executive Officer (CEO) of defunct Menzgold Ghana, Nana Appiah Mensah, popularly known as NAM1, has told an Accra High Court that he was properly authorised to operate as a gold buying company.
During cross-examination, NAM1 said that contrary to claims, he operated without a licence, his company, A2, was duly licensed and incorporated to engage in gold mining, gold purchasing, value addition, and export activities, among others.
NAM1 is facing 39 charges, including selling gold without a licence, fraudulent breach of trust, defrauding by false pretences, and money laundering, after allegedly using his company to defraud unsuspecting individuals.
Responding to questions from the prosecution, NAM1 said the company 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.
“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.
When asked to produce evidence of the licences, NAM1 said he would endeavour to present the documents before the next adjourned date.
He explained that after the company was shut down by the Securities and Exchange Commission (SEC) and the Economic and Organised Crime Office (EOCO) took control of its offices, many documents could not be readily accounted for, potentially affecting his access to valuable evidence in defence of the allegations that have been levelled against him.
“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 Accra High Court has directed NAM1 to file his witness statement, as the case has been adjourned to February 19.
According to the prosecution, the filing of a written witness statement is necessary to ensure the smooth continuation of the trial.
The presiding judge, Justice Sedinam Awo Kwadam, therefore instructed NAM1’s legal team to comply before the next hearing.
The Convener of the Aggrieved Customers of Menzgold, Frederick Forson, claims nearly 300 members have died over the years due to frustration arising from the non-payment of their investments.
He has therefore called on the court to consider daily sittings to expedite the conclusion of the case.
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