NAM1 Trial: You took an investment risk and lost out – First Witness told

The first day of the trial of the Chief Executive Officer of defunct Menzgold was characerised by dramatic moments in the Financial and Economic Court 1 of the Accra High Court.

The prosecution called on the first of eleven witnesses to testify as part of the build-up on the case against Nana Appiah Mensah and his two companies, Menzgold Ghana Ltd and Brew Marketing Consult.

Clad in a white shirt and navy-blue suit, the clean-shaven Nana Appiah Mensah, also known as NAM1 appeared in court escorted by armed Police and in the company of his aides and legal representatives.

After presenting his witness statement as evidence in chief, Stephen Attipoe, a civil engineer who had invested a total of GHC5.2 million but recouped GHC1.2 million as commission in 2018, was told by lead counsel for Nana Appiah Mensah that he had taken “an investment risk and lost out.”

“Since you clearly showed that you’re an educated man I’m suggesting to you, that you took an investment risk and lost out.”

Stephen Attipoe, however, told the court during cross-examination that the accused persons, Nana Appiah Mensah, Menzgold and Brew Marketing Consult misrepresented themselves to him thus causing him to indulge in their business.

“I have seven (7) separate Trading Agreements with Menzgold Company Ltd under the same Menzgold Trading Account, MG40906443512.

“I made all the purchases of gold for the seven transactions at the Brew Marketing Consult office located at Spintex, and the Menzgold Trading Agreements were produced and signed at the Tema Branch Office of Menzgold Company Ltd. This was in accordance with the laid down procedure of Menzgold Company Ltd.

“The documents I obtained from Menzgold Company as a result of each of the seven (7) transactions include the Gold Trading Agreements, purchase of gold receipts, the gold vault service receipts and receipts for the commissions I was asked to pay for each transaction,” portions of the prosecution’s first witness indicated in his witness statement.

He averred that per the agreement, the company was to pay him commissions for six months as the return on his investments but Menzgold defaulted a number of times in September 2018 before it was eventually closed down by the Securities and Exchange Commission on 14th of the same month.

“I invested a total amount of Five Million Two Hundred Thousand Ghana Cedis (5,200,000.00) in the Company’s Gold vault market for twenty-six (26) kilograms of gold. I have also parted with a total of Three Hundred and Thirty-Five Thousand Four Hundred Ghana Cedis (GHC 335, 400.00) as a non-refundable 6.45% commission for the investments.

“In July, 2018, I was given a lump sum payment of Five Hundred and Four Thousand Ghana Cedis (GHC 504,000.00) by the Menzgold Company as my monthly 12% interest/returns on the twenty-one (21) kilograms of gold traded on my behalf per the agreements signed.

“Also, in August 2018, I was given a lump sum payment of Six Hundred and Twenty- Four Thousand Ghana Cedis (624,000.00) by the Menzgold Company as my monthly 12% interest on the twenty-six (26) kilograms of gold traded on my behalf per the agreements signed.

“In September, 2018, I was given an Ecobank cheque with a face value of two hundred and forty thousand cedis (240,000.00) by the Menzgold Company as my interest on only ten (10) Kilograms of gold.

“However, when I presented this cheque at the Tema Main Branch of Ecobank Ghana Limited, the cheque was dishonoured. I wish to tender in as evidence a copy of this cheque marked as SA29.”

But counsel for NAM1, Kwame Boafo Akuffo suggested that upon sudden closure by SEC, his client could not proceed trading, an action which would have resulted in the state proffering another charge against him.

“All the evidence you’ve given in court today is extremely borne out of bad faith especially your reliance on verbal support,” he added.

After almost two hours of proceedings, the court discharged Stephen Attipoe as the prosecution’s first witness after admitting his testimony into evidence.

The case has been adjourned to January 15 for the state to call on its second witness.

Source: 3news.com