Nana Appiah Mensah, CEO of Menzgold Ghana Company Limited (NAM 1), has been hit with 39 new criminal charges filed by the Attorney-General and Minister of Justice.
These charges include allegations of selling gold without a license, operating an unauthorized deposit-taking institution, inducing false investments, fraudulent breaches of trust, and money laundering.
Background
Menzgold Ghana Company Limited initially registered as Menzbank Ghana Company Limited in 2013, and Brew Marketing Consult Ghana Limited, registered in December 2016, are sister companies owned by NAM 1. He is the director and CEO of both, holding the majority of shares.
The prosecution alleges that NAM 1 operated Menzgold Ghana Company Limited without the necessary license, posing as a gold trader. Despite a 2015 public notice from the Bank of Ghana identifying Menzbank as an unlicensed deposit-taking institution, NAM 1 changed the company’s name to Menzbanc. In 2017, the name was further changed to Menzgold Ghana Company Limited.
Brew Marketing Consult Ghana Limited, also owned by NAM 1, is accused of unlawfully selling gold to the public for investment in Menzgold without the required license.
Despite Menzgold’s license to purchase and export gold, granted by the Minerals Commission in 2016, the prosecution contends that both Menzgold Company Ltd and Brew Marketing Consult Ghana Limited breached the terms by selling gold within Ghana.
