Dramatic moments characterized the opening day of the Chief Executive Officer of Defunct Menzgold’s trial at the Financial and Economic Court 1 of the Accra High Court. Dramatic moments characterized the opening day of the Chief Executive Officer of Defunct Menzgold’s trial at the Financial and Economic Court 1 of the Accra High Court.

As part of the preparation for the case against Nana Appiah Mensah and his two businesses, Menzgold Ghana Ltd. and Brew Marketing Consult, the prosecution called the first of eleven witnesses to testify.

The neatly shaven Nana Appiah Mensah, popularly known as NAM1, arrived in court led by armed police, accompanied by his assistants and legal counsel, dressed in a navy blue suit and white shirt.

Lead attorney for Nana Appiah Mensah informed Stephen Attipoe, a civil engineer who had spent a total of GHC5.2 million but recovered GHC1.2 million as commission in 2018, after he had presented his witness statement as major evidence.“an investment risk and lost out.”

“Since you clearly showed that you’re an educated man I’m suggesting to you, that you took an investment risk and lost out.”

On cross-examination, Stephen Attipoe, however, informed the court that he had been duped into engaging in business by the accused, Nana Appiah Mensah, Menzgold, and Brew Marketing Consult, into believing they were who they claimed to be.

“I have seven (7) separate Trading Agreements with Menzgold Company Ltd under the same Menzgold Trading Account, MG40906443512.

“I made all the purchases of gold for the seven transactions at the Brew Marketing Consult office located at Spintex, and the Menzgold Trading Agreements were produced and signed at the Tema Branch Office of Menzgold Company Ltd. This was in accordance with the laid down procedure of Menzgold Company Ltd.

“The documents I obtained from Menzgold Company as a result of each of the seven (7) transactions include the Gold Trading Agreements, purchase of gold receipts, the gold vault service receipts and receipts for the commissions I was asked to pay for each transaction,” portions of the prosecution’s first witness indicated in his witness statement.

He claimed that the company had agreed to pay him commissions for six months as a return on his investments, but Menzgold repeatedly failed to make payments in September 2018 before the Securities and Exchange Commission closed it down on the fourteenth of the same month.

“I invested a total amount of Five Million Two Hundred Thousand Ghana Cedis (5,200,000.00) in the Company’s Gold vault market for twenty-six (26) kilograms of gold. I have also parted with a total of Three Hundred and Thirty-Five Thousand Four Hundred Ghana Cedis (GHC 335, 400.00) as a non-refundable 6.45% commission for the investments.

“In July, 2018, I was given a lump sum payment of Five Hundred and Four Thousand Ghana Cedis (GHC 504,000.00) by the Menzgold Company as my monthly 12% interest/returns on the twenty-one (21) kilograms of gold traded on my behalf per the agreements signed.

“Also, in August 2018, I was given a lump sum payment of Six Hundred and Twenty- Four Thousand Ghana Cedis (624,000.00) by the Menzgold Company as my monthly 12% interest on the twenty-six (26) kilograms of gold traded on my behalf per the agreements signed.

“In September, 2018, I was given an Ecobank cheque with a face value of two hundred and forty thousand cedis (240,000.00) by the Menzgold Company as my interest on only ten (10) Kilograms of gold.

“However, when I presented this cheque at the Tema Main Branch of Ecobank Ghana Limited, the cheque was dishonoured. I wish to tender in as evidence a copy of this cheque marked as SA29.”

However, NAM1’s attorney, Kwame Boafo Akuffo, proposed that his client could not continue trading following the SEC’s abrupt stoppage, as doing so would have led to the state filing an additional case against him.

“All the evidence you’ve given in court today is extremely borne out of bad faith especially your reliance on verbal support,” he added.

Following nearly two hours of hearings, the judge admitted Stephen Attipoe’s testimony into evidence and then released him as the prosecution’s first witness.

The state’s second witness will testify in this case on January 15, which has been postponed.

Source: Marzuuq Issah | Ghana360news.com