The former Chief Executive Officer (CEO) of defunct MenzGold, Nana Appiah Mensah, also known as NAM 1, has served notice that he will, in the coming days, be exposing the acts of the central bank, the Bank of Ghana (BoG), in the collapse of his company.
According to him, the central bank has a role to play in the collapse of his company, and in the coming weeks, he will be exposing all the rot for the public to know.
This comes after the Ghana Police Service confirmed receiving an amount of GH¢2.5 million from NAM 1 as of October 20, 2023.
Per the advice of the Attorney General, this sum has been deposited in the Bank of Ghana's Police Exhibit account, specifically for the attention of the Court.
Addressing claims on Kasapa FM that he [NAM 1] had provided the BoG with funds to compensate his customers, NAM 1 denied such allegations.
Instead, he revealed that he holds grievances against the central bank, which he plans to disclose to the public in the coming weeks
“For me, I didn't give BoG money to settle my customers. As for the central bank, I have issues with them, and very soon I will be coming out with them for everybody to see and hear. The bad acts that occurred in this country.
“In the weeks ahead, I will speak for everyone to hear. I have been quiet for the last five years, and people keep calling me bad names,” he said.
Even as NAM 1 maintains that he will expose the central bank, he insists that the responsibility to repay his customers lies with him and not the BoG.
“Now that we are in court, I will speak up; I will in the coming days defend myself, and we will not know who really is at fault. Until then, I not have given money to BoG. I owe my customers, and I am the one to pay, not BoG,” he added.
The CEO of the defunct MenzGold is facing a legal battle related to the MenzGold saga, which had a profound impact on numerous investors. The charges brought against him include 25 counts of "Defrauding by false pretence" in contravention of Section 131(1) of the Criminal Offences Act, 1960 (Act 29).
Additionally, he is facing seven counts of "Fraudulent breach of trust" in violation of Section 128 of the Criminal Offences Act, 1960 (Act 29). NAM 1 is also contending with seven counts of "Money Laundering" under Section 1(2)(a)(i) of the Anti-Money Laundering Act, 2020 (Act 1044).
Background
Between November 2016 and March 2019, numerous customers of MenzGold filed complaints with the police, citing that they had invested substantial sums with the accused individuals but had failed to realise their investments, despite their persistent efforts.
NAM 1 was initially charged with 14 counts, encompassing abetment of crime, defrauding by false pretences, operating a deposit-taking business without a licence, trading minerals without a licence, unlawful deposit-taking, and money laundering. These charges were later amended to a total of 61, with his plea pending.
The allegations suggest that the accused had obtained various sums of money, totaling GH¢1.6 billion from customers.
On June 24, 2020, the state filed new charges against NAM 1 at the Accra Circuit Court. At that time, DSP Sylvester Asare indicated that he was directed to retain the new charges, including the plea-taking process of the accused. NAM 1's ongoing legal battle is a subject of public interest and legal scrutiny in Ghana.
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Former CEO of MenzGold NAM 1 (L) and Governor of BoG, Dr Ernest Addison (R)