By: Franklin ASAERE-DONKOH
Customers of the defunct gold-dealing company Menzgold across the country have reignited their calls for swift prosecution of the company’s embattled Chief Executive Officer (CEO), Nana Appiah Mensah, known in business and media circles as NAM1.
The aggrieved customers have reaffirmed their collective support for the prosecution of NAM1 by the court.
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 was acquitted and extradited to Ghana in 2019 after allegedly duping a businessman in Dubai.
NAM1 spent the last six months in police custody in Dubai due to a criminal case brought against him by a private company in that country.
A government delegation was dispatched to the UAE to work towards his possible extradition to Ghana and to get him to settle his frustrated customers.
NAM1 is currently facing 39 counts of fraud and money laundering charges in Ghana, but 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.
NAM1 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, Mr. Alfred Tuah Yeboah, also announced on September 19, 2023, that his office would be applying for a daily hearing in the case of NAM1.
Background
Menzgold was asked to suspend its gold trading operations with the public by the Securities and Exchange Commission (SEC) in 2018.
Menzgold was said to have been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns to clients without a valid license from the Commission.
However, the company was cleared to continue its other businesses of assaying, purchasing gold from small-scale miners, and exporting gold.
Despite initial protests, Menzgold complied with the directive.
Over two years on, the company has failed to fully settle its aggrieved customers, the value of their gold deposits, and their entire investments.
