An Accra High Court has dismissed a submission of no case filed by lawyers for Nana Appiah Mensah, also known as NAM 1, the Chief Executive Officer of Menzgold, Brew Marketing Consult, and Menzgold.
The ruling requires NAM 1 to open a defense to answer charges in the Menzgold case.
During its case, the prosecution called nine witnesses.
The court, presided over by Justice Ernest Owusu-Dapaah, noted that it appeared NAM 1 and Brew Marketing Consult did not possess a valid license to engage in the sale and purchase of gold, and the prosecution had presented prima facie evidence.
Justice Owusu-Dapaah, a Court of Appeal Justice sitting as an additional judge, ordered NAM 1 and his two companies to answer 19 counts of defrauding by false pretense.
He was acquitted on the remaining counts after the prosecution abandoned three counts due to the unavailability of those victims.
The court also ordered NAM 1 to open his defense to seven counts of fraudulent breach of trust and seven counts of money laundering.
Regarding the charge of operating a deposit-taking business without a license, contrary to sections 6(1) and 22(1) of the Banks and Specialized Deposit-Taking Institutions Act, the court noted that Brew Marketing Consult was not authorized to sell gold to the public.
The court ruled that NAM 1 and Brew Marketing Consult must answer the charge of selling gold contrary to section 99(1) of the Minerals and Mining Act.
Additionally, the court found that the Central Bank did not authorize the deposit-taking business of NAM 1 and Menzgold.
On the charge of inducement to invest, the court observed that using celebrities like Stonebwoy, Becca, Jocelyn Dumas, and Jackie Appiah on billboards appeared to influence the public to invest in Menzgold and Brew Marketing.
