Source: newsthemegh.com
Nana Appiah Mensah, alias NAM 1, the founder of Menzgold, who is being tried for allegedly exploiting the firm to swindle over 16,000 people of GHc1.6 billion, has denied breaking Ghanaian law to run an illegitimate gold deposit taking operation.
In order to conduct the business of Menzgold, NAM 1’s attorney, Kwame Akuffo, informed the High Court today [Sept. 19] that his client did not violate the Banking and Specialized Deposit-Taking Institutions Act, 2016 (Act), as claimed by the prosecution.
According to Mr. Akuffo, Bank of Ghana (BoG) employees recommended his customer (NAM 1) to convert Menzbank, which was Menzgold’s prior name, to Menzbanc.
In meetings with the BoG, the BoG actually suggested that the third accused company (Brew Marketing Consult) be established in order to make sure that the gold marketing business was kept separate from the business of Menzgold, according to the counsel, according to Emmanuel Ebo Hawkson of Graphic Online’s reporting from the court.
Mr. Akuffo stated that while he would not divulge the identities of the BoG officials who gave his client the advice, he would subpoena them to testify in his client’s favor at the proper point in the trial.
NAM 1 was granted bail in the amount of GH 500,000,000 with four sureties by the court, which was presided over by Dr. Ernest Owusu-Dapaa, a Justice of the Court of Appeal sitting as an additional High Court judge.
Justice Owusu-Dapaa ordered NAM 1 to go to the Criminal Investigations Department (CID) headquarters every Thursday and to submit his passport with the court registrar as part of the bail conditions.