High Court dismisses NAM 1's Submission of no case; ordered to open defense
The court held that it was convinced that a prima facie case had been made against the accused and that it was apparent that they carried on deposit-taking business without a license.
A High Court in Accra has dismissed the submission of "no case" filed by Nana Appiah Mensah, also known as NAM1, the CEO of the defunct gold dealership firm, Menzgold.
The court held that it was convinced that a prima facie case had been made against the accused and that it was apparent that they carried on deposit-taking business without a license.
NAM1 and his two companies are faced with 39 charges, including selling gold without a license, operating an unlicensed deposit-taking business, inducing investment under false pretenses, fraudulent breach of trust, and money laundering, involving over GH₵340 million.
After the prosecution had called nine witnesses and closed its case, the accused persons filed a Submission of no case.
His lead counsel Kwame Akuffo contended that despite the loud complaints outside the court by persons who have allegedly been defrauded by his client, only eight had come to court implying that the story is not as had been painted out there.
When the case was called today, Justice Ernest Owusu-Dapaah, who presided over the court, directed NAM1, along with Brew Marketing Consult and Menzgold, to open their defense as they have a case to answer.
In its 110-page ruling, the court also established that the prosecution had proved that the accused sold gold to the public but not personal jewelry as claimed.
Additionally, it held that neither NAM1 nor Menzgold held a license to trade gold contrary to the Minerals and Mining Act.
The court thus concluded that a prima facie case was made against the accused and that the sufficient evidence presented by the prosecution supports the charges of inducing the public to invest over GH₵340 million and defrauding Ghanaians by false pretenses.
