The Chief Executive Officer of Menzgold Ghana, Nana Appiah Mensah, popularly known as NAM1, has told an Accra High Court that his company, A2, operated with valid licences from relevant authorities, contrary to prosecution claims that he sold gold without authorisation.
NAM1, who is facing 39 charges including selling gold without a licence, fraudulent breach of trust, defrauding by false pretences, and money laundering, made the assertion during cross-examination on Monday.
He insisted that A2 was duly incorporated and licensed to engage in gold mining, gold purchasing, value addition, export, and related activities.
Responding to questions from the prosecution, NAM1 explained that the company initially applied to the Precious Minerals Marketing Company (PMMC), completed all documentation, paid the required fees, and passed scrutiny before being issued a licence.
“Subsequently, about two or three years later, the status of PMMC changed when government mandated it as a national assay office instead of a licensing body. Against that backdrop, A2 was advised to apply to the Minerals Commission,” he told the court.
“The application went through all the necessary processes, including the submission of a comprehensive profile detailing the specific business areas and product lines we intended to operate under the licence. All required fees were paid and we were eventually invited to sign the necessary documents. Based on this, A2 obtained the relevant approvals to operate,” he added.
When pressed by the prosecution to produce evidence of the licences, NAM1 said he would make every effort to present the documents at the next adjourned date.
He attributed difficulties in accessing some records to the shutdown of the company by the Securities and Exchange Commission (SEC) and the subsequent takeover of its offices by the Economic and Organised Crime Office (EOCO).
“However, I will strive to retrieve these documents for my case, possibly before the next adjourned date. We had valid licences from the relevant authorities for our operations,” he stressed.
The trial was adjourned to February 19, with presiding judge Justice Sedinam Awo Kwadam directing NAM1’s legal team to file his witness statement ahead of the next hearing to facilitate the smooth continuation of proceedings.
Meanwhile, Frederick Forson, Convener of the Aggrieved Customers of Menzgold, has revealed that nearly 300 members of the group have died over the years due to frustration stemming from the non-payment of their investments.
He has therefore appealed to the court to consider daily sittings to expedite the conclusion of the long-drawn case.