The embattled Chief Executive Officer of defunct gold dealership firm Menzgold Ghana, Nana Appiah Mensah, popularly known as NAM1, has told an Accra High Court that he did not operate illegally, insisting he had the proper authorisation to run his gold business.

Facing the court during cross-examination, NAM1 rejected claims that he operated without a license.

He explained that his company, A2, was duly incorporated and licensed to engage in gold mining, gold purchasing, value addition and export activities.

NAM1 is currently standing trial on 39 criminal charges, including selling gold without a license, fraudulent breach of trust, defrauding by false pretenses and money laundering.

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Prosecutors allege that he used his companies to defraud thousands of unsuspecting investors across the country, a report by myjoyonline.com has said.

But addressing the court, NAM1 maintained that he followed all the required processes to operate legally.

According to him, A2 applied to the Precious Minerals Marketing Company (PMMC), completed all necessary documentation, paid the required fees and went through the appropriate scrutiny before being granted a license to operate.

“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.

He explained that the new application process involved the submission of a detailed company profile outlining the specific business activities and product lines under the license.

“All the 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.

However, the report said when prosecutors asked him to present physical evidence of the licenses, NAM1 admitted that he was yet to produce them but assured the court he would make every effort to do so before the next hearing.

He blamed the difficulty in accessing the documents on the closure of Menzgold by the Securities and Exchange Commission (SEC) and the subsequent takeover of the company’s offices by the Economic and Organised Crime Office (EOCO).

“When the offices were taken over, many of our documents could not be readily accounted for. This has affected my ability to immediately access some of the documents needed for my defence. However, I will strive to retrieve them,” he reportedly told the court.

He stressed that his companies had valid licenses from the appropriate regulatory bodies at the time they were operating.

Meanwhile, the presiding judge, Justice Sedinam Awo Kwadam, has directed NAM1 to file his witness statement ahead of the next hearing, stressing the need for an orderly and efficient trial.

The case has been adjourned to February 19, following a request by the prosecution, which argued that a written witness statement is necessary to ensure the smooth continuation of proceedings.

Also, it is reported that just outside the courtroom, there were high emotions as the Convener of the Aggrieved Customers of Menzgold, Frederick Forson, claimed that nearly 300 customers had died over the years due to frustration linked to the non-payment of their investments.

He, therefore, appealed to the court to consider daily sittings to fast-track the trial and bring closure to thousands of affected customers who have waited for years for justice.

NA/AE