NAM1’s Case Adjourned For The 33rd Time: Is There Any Hope For Justice?

Embattled Chief Executive Officer (CEO) of Menzgold Ghana Limited, Nana Appiah Mensah, has made his 33rd appearance in court on Thursday, March 23, three years and eight months since he was first arraigned on July 12, 2019.

The CEO of the gold dealership firm has been embroiled in a legal battle with the Ghanaian authorities since 2019.

NAM1 was initially charged with 13 counts, but that had since been amended with his plea yet to be taken on the amended charge sheet filed on September 3, 2019, which introduced 61 new charges.

In court on Thursday, March 23, 2023, when NAM1 made his 33rd appearance, the case was again adjourned with the trial yet to commence.

The prosecution, represented by ASP Emmanuel Haliga, told the court that the prosecution is still awaiting advice from the Attorney General’s office for the next line of action.

He prayed for an adjournment, and after consulting his diaries together with Lawyer Audrey Twum, who was holding lawyer Kwame Boafo’s brief, they agreed with the court and settled on April 25, 2023.

Since July 12, 2019, NAM1 has trekked to court at least 29 times by September 27, 2022. He had also made court appearances in a Dubai Court prior to his return to Ghana following the collapse of Menzgold.

On August 17, 2019, NAM1 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 a license.

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 a license.

On July 26, 2019, NAM1 pleaded not guilty to all the charges and was granted 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.

The case has been a long-drawn-out one, with the trial yet to commence after 33 appearances in court. The adjournment of the case to April 25, 2023, gives NAM1 and his legal team more time to prepare their defense while awaiting the advice of the Attorney General’s office.

The trial has been closely watched by many, and the outcome will be significant for all parties involved.

To that effect, the case has attracted significant attention both in Ghana and beyond, with investors who lost their funds following the collapse of Menzgold closely watching the proceedings.

NAM1

The brief facts of the case as presented to the court by ASP Asare (now Superintendent Sylvester 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 percent monthly interest.

The complainants said their money was locked up, and they could not find Mensah and the other principal officers of the company.

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

DSP Asare (now said Menzgold obtained a license 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.

Notwithstanding the lack of such a license, 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.

The trial is expected to be a landmark one, with many watching to see how the legal system in Ghana handles the case.

The prosecution has accused NAM1 of operating a Ponzi scheme, while the defense has maintained that the charges are baseless.

The case has also raised concerns about the regulatory environment in Ghana, with many questioning the role of the Securities and Exchange Commission (SEC) and the Bank of Ghana (BoG) in the Menzgold saga.

The adjournment of the case to April 25, 2023, means that NAM1 will have to wait a little longer before he can clear his name or be found guilty.

The trial is expected to be closely watched by many, and the outcome will have far-reaching implications for the Ghanaian legal system and the financial sector.