BoG Convinced Me To Consolidate My Businesses - NAM1

 

Nana Appiah Mensah

Nana Appiah Mensah, the founder of the now-defunct Menzgold company, who is currently on trial for allegedly defrauding over 16,000 individuals of GH¢1.6 billion, has denied accusations of operating an illegal gold deposit-taking business in violation of Ghanaian laws.

During the High Court hearing on Tuesday, September 19, Mensah's lawyer, Kwame Akuffo, stated that his client, popularly known as NAM 1, did not circumvent the provisions of the Banking and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), as claimed by the prosecution.

Akuffo contended that it was officials from the Bank of Ghana (BoG) who advised Mensah to change the name of his company from Menzbank to Menzbanc and also suggested the establishment of a separate entity called Brew Marketing Consult to differentiate the gold marketing business from the operations of Menzgold.

"In fact, during meetings with the BoG, it was the BoG that recommended the establishment of a third company, Brew Marketing Consult, in order to ensure the clear distinction between the gold marketing business and the operations of Menzgold," reported Emmanuel Ebo Hawkson from Graphic Online, who was present at the court.

While the lawyer refrained from mentioning the names of the BoG officials who provided the advice, he indicated that he would eventually subpoena them to testify in support of his client's defense during the trial.

Furthermore, NAM 1 pleaded not guilty to 39 charges, including violating Act 930, defrauding by false pretenses, fraudulent breach of trust, and money laundering.

The presiding judge, Dr. Ernest Owusu-Dapaa, an additional High Court judge from the Court of Appeal, granted NAM 1 bail in the sum of GH¢500 million and required four sureties for his release. As part of the bail conditions, NAM 1 was ordered to deposit his passport with the Registrar of the Court and to report to the headquarters of the Criminal Investigations Department (CID) every Thursday.