Dockets almost ready for prosecution of NAM 1, says AG Dame
"I am happy to state that after painstaking investigations, dockets on that financial crime are almost ready for prosecution to commence in earnest,”
The Attorney-General and Minister of Justice, Godfred Yeboah Dame says dockets are almost ready for the commencement of prosecution against MenzGold’s Nana Appiah Mensah, aka, NAM 1.
Mr. Dame said this when he spoke on Ghana’s financial sector crisis at Cambridge University on September 5, 2022.
“Indeed, one lawyer suggested that the story of Menzgold could cause a civil war in Ghana in a manner akin to the civil war in Albania in 1997 caused by aggrieved customers of a Ponzi scheme. By the Grace of God, Ghana was saved from such a situation as a result of the prompt action taken by authorities at the helm of the financial system. I am happy to state that after painstaking investigations, dockets on that financial crime are almost ready for prosecution to commence in earnest,” he said.
His comments comes a few weeks after the EOCO Boss, Maame Tiwaa Addo-Danquah at a forum, noted that it is becoming increasingly difficult for state prosecutors to prosecute Nana Appiah Mensah due to the lack of the relevant laws to support the charges.
“An example is the Menzgold case. Which law or which Act did he break? And it is becoming difficult even prosecuting that case because no law will define the offence,” COP Tiwah is quoted to have said at a forum organised by the Asante Professional Club.
Mr. Dame also indicated that his office is prosecuting other high-level cases relating to offences of causing financial loss to the state, stealing, money laundering, and corruption.
He states that “these cases have as their sole object the principle of holding public officers to account and involve sums of over $850 million.”
Background
Nana Appiah Mensah was found to have operated a Ponzi scheme under his company gold dealership company, MenzGold.
He has since 2019 been standing trial on charges including defrauding by false pretences.
Initially, he was charged with 14 counts of abetment of crime, defrauding by false pretences, carrying on a deposit-taking business without a licence, sale of minerals without a licence, unlawful deposit-taking, and money laundering. His charges were subsequently amended to 61.
Nana Appiah Mensah is alleged to have taken an amount to the tune of GH¢1.6 billion from customers.
In July 2019, NAM 1 was granted bail after he was arrested upon his return to the country from a Dubai trip and granted bail to the tune of GH¢ 1 billion cedis with five sureties, three of which were be justified.
He has since pleaded not guilty to all initial charges levelled against him.
