Menzgold CEO insists he operated with valid licences, vows to produce evidence

Nana Appiah Mensah, the Chief Executive Officer of the defunct gold trading firm Menzgold, has told an Accra High Court that he operated his business with all required regulatory licences, countering allegations that he ran an illegal operation.

Under cross-examination, Nana Appiah Mensah, popularly known as NAM1, rejected prosecution claims that he conducted business unlawfully. He stated that his company, A2, was properly incorporated and authorised to engage in gold mining, purchasing, value addition, and export.

NAM1 is facing 39 criminal charges, including fraudulent breach of trust, defrauding by false pretences, money laundering, and operating without a licence, in relation to allegations that Menzgold defrauded thousands of customers.

He explained to the court that A2 initially applied to the Precious Minerals Marketing Company (PMMC), met all requirements, paid the necessary fees, and was duly licensed. When PMMC’s mandate changed, he said the company was advised to reapply through the Minerals Commission, which he claimed followed due process and resulted in approval.

NAM1 acknowledged challenges in retrieving documentary proof, citing the shutdown of Menzgold by the Securities and Exchange Commission (SEC) and the seizure of company offices by the Economic and Organised Crime Office (EOCO).

“I will make efforts to produce documentary evidence of the licences before the next adjourned hearing,” he assured the court.

Presiding judge, Justice Sedinam Awo Kwadam, has ordered NAM1 to file his witness statement ahead of the next hearing scheduled for February 19, directing his legal team to comply to ensure the trial progresses without delay.

In a related development, Frederick Forson, Convener of the Aggrieved Customers of Menzgold, disclosed that nearly 300 affected customers have died over the years due to stress and frustration from unpaid investments. He appealed to the court to hold daily sittings to expedite the case.

The trial continues as customers and observers await a resolution to the long-running legal battle.