Menzgold CEO granted bail

The Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah, also known as NAM 1 was on Friday granted bail by an Accra Circuit Court.

Nana Appiah, who pleaded not guilty to all 13 charges levelled against him by the state, was granted bail in the sum of GHc 1 billion with five sureties, three to be justified.

He is also to report to the police every Wednesday at 1000 hours.

He was charged with abetment of crime, defrauding by false pretences, carrying on a deposit-taking business without licence, sale of minerals without licence, unlawful deposit-taking, and money laundering.

Earlier after his plea was taken, the defence team led by Mr Kwame Akuffo prayed the court to grant bail to his client.

He argued that the accused person had been in custody within and outside the jurisdiction for the past nine months and a warrant for his arrest was issued around that time so the police had the opportunity within that time to conduct their investigations.

He prayed the court that, in exercising its discretion, the court should take note of the fact that, none of the charges before it were taken out of the bail framework of the law.

According to Mr Akuffo, the prosecution had not been helpful, since the mere mention of Francis Agbodzi and 16, 000 others was not enough. The accused person, constitutionally must know his accusers.

He said his client was not a flight risk and did not abscond the jurisdiction as the state refers to, but he went out of the jurisdiction to claim some $36 million owed him by people out of the jurisdiction.

The prosecution, Assistant Superintendent of Police (ASP), Sylvester Asare, in his response prayed the court to excise its discretion on the matter. He, however, prayed the court that in exercising its discretion, it should take into consideration, the case and the quantum of charges.

The court presided over by Jane Harriet Akweley Quaye then granted Appiah Mensah bail in the sum of GHC1billion with five sureties, three to be justified.

The facts of the case are that Menzgold Ghana Limited and Brew Marketing Consult Limited were private limited liability Companies incorporated under the Companies Act, 1963 (Act 179). Nana Appiah Mensah is the CEO, Rose Tetteh, the Director and Benedicta Appiah, the Secretary of Menzgold and Brew Marketing Company.

The prosecution said in October 2018, the Police received petitions from about 16, 000 complainants to the effect that Menzgold and Brew Marketing Company made a representation and invitation through its officers Nana Appiah, Rita and Benedicta to the public including the complainants to deposit money for fixed period with interest under pretext of purchasing gold from Brew marketing company.



He said the gold purchased from the Brew Marketing was to be traded in by Menzgold to accrue monthly interest of 10 percent.

He said upon such representation the complainants deposited various sums of money, totalling GHc 1,680.920, 000.00. Police commenced investigations into the activities of the accused persons.

ASP Asare said Nana Appiah, Rita and Benedicta absconded and their offices and residence were found locked up. A warrant of arrest was then issued for their arrest.

He said on July 11, Nana Appiah arrived at the Kotoka International Airport and was arrested by the Police, and subsequently remanded into Police custody to assist investigations.

According to the prosecution, investigations so far disclosed that Menzgold and Brew Marketing were incorporated under the Companies Act, 1963 (Act 179) as limited liability Companies in December 2013 and December 2016.

He said the principal activities of Nana Appiah include gold and diamond mining, dealers in gold and other precious minerals. Subsequently, in August, 2016, he obtained licence from the state through the Minerals Commission to purchase and export gold from any person holding a small scale mining licence (small-scale miners).

The Prosecution said, however, per the terms and condition of the licence, Nana Appiah was required to appoint a gold buying agent to purchase gold on its behalf from small-scale miners. The Subsequent appointment of a gold buying agent led to the formation of Brew Marketing in December 2016.

ASP Asare said investigations further had it that Brew Marketing though incorporated to purchase and sell gold among others, was not licenced by the Minerals Commission to trade in gold. Menzgold through Brew Marketing after incorporation went publicly inviting the public to deposit money with it.

He said the invitation by Brew Marketing through its officers to the complainants was to deposit money for a fixed period with interest under pretext of gold purchasing.



The prosecution said although the invitation was to purchase gold, Brew Marketing was not licenced to purchase gold, and that they merely acted as a nominee of an agent for Menzgold in the purported gold sales.

He told the court that further investigation also disclosed that Nana Appiah was the CEO, Rose the Director and Benedicta, the secretary of Menzgold and Brew Marketing. He said investigations are still ongoing.