Founder of Menzgold, Nana Appiah Mensah aka NAM 1, who is standing trial for allegedly using the company to defraud over 16,000 people of GH¢1.6 billion, has denied circumventing the laws of Ghana in order to operate an illegal gold deposit-taking business.

Counsel for NAM 1, Kwame Akuffo, told the High Court on Tuesday, September 19, that his client did not circumvent the Banking and Specialised Deposit-Taking Institutions Act, 2016 (Act ) as alleged by the prosecution to enable him to carry out the operations of Menzgold.

Mr Akuffo claimed that it was officials of the Bank of Ghana (BoG) who advised his client (NAM 1) to change Menzbank (the previous name of Menzgold) to Menzbanc.

“Indeed, in meetings with the BoG, it was the BoG that recommended that a third accused company (Brew Marketing Consult) be set up in order to ensure that the gold marketing business was kept distinct from the business of Menzgold,” the counsel said.

Mr. Akuffo said he would not mention the names of the BoG officials who gave the advice to his client, but at the appropriate time during the trial, he would subpoena them to testify to aid the defense of his client.

“I will skip the names because the court may take evidence from them in camera,” counsel said, reports Graphic Online’s Emmanuel Ebo Hawkson from the courtroom.

SOURCEjoyonline
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Ghana, Accra, Mankessim. Ishmael Awudi is a journalist and a media entrepreneur. He founded Ghana News Guide. GNG is an online news platform that focuses on news stories within Ghana and across the world on a regular basis. The primary objective of GNG is to ensure that news stories are reported as they are, with no filters applied. In its news coverage, GNG strives for professionalism.He also founded Wetour, a local tourism agency aimed at boosting the tourism space in Ghana with the youth at focus.Ishmael works with The Afriam Network as the head of business development. Afriam Network is a global company based in Ghana, Accra that offers a variety of services such as Customer Service, Debt Collection, Order Taking, Lead Generation, Customer Surveys, and Telesales. Ishmael holds a bachelor's degree from the Ghana Institute of Journalism. He won the best online media personality award in 2019 at level 300.He has contributed to several media houses in Ghana including.

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