By: Beatrice Oppon
The first prosecution witness in the trial of CEO of defunct Menzgold Nana Appiah Mensah popularly known as NAM1 has narrated how he invested more than five million cedis from his personal account into the gold dealership company.
The witness Stephen Attopoe who is also a Civil Engineer said he had seven separate trading agreements with Menzgold.
He told the Court that he made all seven gold purchases transactions through Brew Marketing Consult which is also owned by NAM1 between June and July 2018.
The first prosecution witness Stephen Attipoe told the High Court that on June 1, 5, and 13 in 2018, he purchased five kilogram of 22 carat plus gold from Brew Marketing Consult at one million cedis per transaction plus a non refundable commission of 64,500 cedis in cash.
The witness further stated that on June 14, 2023 he made another investment of 600,000 cedis and paid 38,700 Cedis as non refundable commission. He said his fifth transaction with NAM 1 was on June 27 2018 where he purchased another gold at 600 thousand cedis and also paid a non refundable commission of 38,500 cedis. He told the court that on July 23 and 27 the same year he invested a total of one million cedis.
He said he has receipts from Menzgold and Brew Marketing Consult as proof of these transactions. He continued that during the same month he received a lump sum of 504,000 cedis from Menzgold as his monthly returns on his investment.
Then in August 2018, he received another 624,000 cedis. The witness said per the agreement he was supposed to receive a total of 432 thousand cedis from Menzgold between September 1 and 13 but the company failed to honour its obligation.
Mr Attipoe said on September 14, 2018, Menzgold issued a cheque for 240 thousand cedis to him but it was not honoured by the bank.
He said the amount was lower than what was due him so he protested verbally to two officials of the company. It was the same day the Securities and Exchange Commission of Ghana issued a directive closing down Menzgold.
Lawyer for NAM1, Kwame Akuffo suggested to the witness that his client defaulted in the payment of returns after SEC directed him to stop trading but Mr Attipoe disagreed. Mr Attipoe explained that NAM1 failed to pay his returns even on the days preceding the shut down of Menzgold.
The witness further stated that NAM1 was allowed to continue exporting gold so he could have done that to pay customers.
The Lawyer further put it to the witness that he took an investment risk and lost out. Mr Attipoe again rejected that assertion saying that Menzgold and Brew Marketing Consult made a false representation which made him invest with them.
Lawyer Akuffo also questioned why the witness lodged a complaint to the police in September 2023 in respect of the matter, just a month after the prosecution came to court. Mr Attipoe responded that in 2019, he filed a writ at the Tema High Court but unfortunately the bailiff could not serve the accused.
The Defence Lawyer put it to the witness that his evidence was borne out of bad faith especially when he relied on verbal support but he once again disagreed. Mr Attipoe said it was after the closure that he realised that the two companies Menzgold and Brew Marketing Consult were operating illegally because they were not licensed. The case has been adjourned to January 15, 2024.
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