I Invested Over GH¢1.4m In Menzgold – Witness

The prosecution’s second witness in the trial of Nana Appiah Mensah, aka NAM1, the Chief Executive Officer of defunct Menzgold Ghana Limited, yesterday told a High Court in Accra he invested over GH¢1.4 million in the company between 2017 and 2018.

The witness, Edward Otoo Larbi, a Sales Manager, led in his evidence-in-chief by the Director of Public Prosecution, Yvonne Atakora Obuobisa, told the court that he invested a total of GH¢1,4468,200 in Menzgold.

He, however, revealed that he had not received any interest on his investments since 2017 from NAM1 and his two companies.

NAM1 and his companies – Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited are facing 39 counts of defrauding by false pretence, inducing members of the public to invest and money laundering.

An initial charge sheet filed before the court accused the three of inducing members of the public to invest a total of GH¢1,680,920,000.

That figure has significantly dropped to GH¢340,835,650, which the three are said to have induced customers into investing due mainly to the fact that some of the complainants are not willing to testify.

Edward Otoo Larbi, the second prosecution witness, in his evidence, detailed the various investments he made with the accused, some of which included GH¢302,000 and GH¢34,000, all in 2017, and GH¢102,000 and GH¢76,000 in 2018.

The witness, while under cross-examination by Kwame Akuffo, counsel for NAM1 and his companies, admitted that in his statement to the police he did not mention the amount he received as commission from the company prior to September 2018.

“When you say you invested GH¢1,290,000, you are referring to the investment without the payment that you received from the accused prior to September 2018,” the lawyer further asked.

“Yes, my Lord. I am not here because of payment I have received. I am here because I invested into a company and I believe in the company so much that I put in so much money but along the line the promises made by the company have not been honoured. The first and second accused (NAM1 and Menzgold) have failed to pay the dividend, which is why I am here in court,” Mr. Larbi responded.

Justice Ernest Owusu-Dapaa, a Court of Appeal judge sitting as an additional High Court judge, has adjourned the case to January 17, 2024, for the prosecution to call its third witness.

The three have been charged with a total of thirty-nine counts – one count of selling gold without licence, one count of operating deposit-taking business, one count of inducement to invest, 22 counts of defrauding by false pretence, seven counts of fraudulent breach of trust and seven counts of money laundering.

The allegations levelled against them relate to defrauding their customers various sums of monies between 2016 and 2018, totaling GH¢340,835,650.

NAM1 has pleaded not guilty to all the charges and was admitted to a bail of GH¢500 million with four sureties with no justification.

He was also ordered to deposit his passport with the court’s registrar and to report to the Criminal Investigation Department of the Ghana Police Service every Thursday.

Source: Gibril Abdul Razak