NAM1 asks the court to reduce its bail of 1 billion GHC

General News on Friday, August 2nd, 2019

Source: 3news.com

2019-08-02

MenzGold Ghana Limited's Executive Director, Nana Appiah Mensah, has filed a new petition in court seeking a review of her bail conditions, which she has not reviewed yet last week.

He wants the court to reduce bail conditions by a billion cedi.

A source familiar with the conflict, commonly known as NAM1, has confirmed that his lawyers will appear in court on Tuesday, August 6 to file the bail application and plead for it to be examined by the court.

The source, however, refused to give details of the request, noting that these will be presented to the court.

What are the terms of the GHC1bn bond?

On July 26, NAM1 obtained a bond of 1 billion cedi with five guarantees after pleading not guilty under 13 counts of fraud for forgery, pretense, money laundering, illegal deposit, sale of minerals without a license and operating a business deposit without a license.

Three of the bonds must be justified. In addition, he must also report to the police every Wednesday at 10:00.

Since then, he has not fulfilled bail conditions, which some have described as more bail on the country's judicial history.

MenzGold Ghana Limited, Brew Marketing Consult Limited, Rose Tetteh and Benedicta Appiah are charged with Nana Appiah Mensah. Ms. Tetteh and Ms. Appiah are currently on the run.

NAM1 was arrested on July 11 when he arrived at Kotoka International Airport from Dubai, where he was arrested and tried by an Emirati court for petty offenses. He was acquitted, however.

The case of the prosecution

In October 2018, about 16,001 customers of the late gold concession company filed a complaint with the police claiming that MenzGold and Brew Marketing had made a representation and invited through its agents Nana Appiah, Rita and Benedicta as well as the public to deposit money for a fixed period with gold purchase pretexts interest from the marketing company Brew.

Prosecutors said the gold purchased at Brew Marketing was to be exchanged by Menzgold for a monthly interest of 10%.

On the basis of this statement, the prosecution stated that the plaintiffs had filed for a total of C $ 1.6 billion.

According to the prosecution, her investigations into the complaints revealed that Nana Appiah Mensah, Rita and Benedicta had fled and that their offices and residence were locked.

An arrest warrant has been issued against them, he said.

According to the prosecution, investigations revealed that Menzgold and Brew Marketing were incorporated as limited liability companies under the Companies Act 1963 (Act 179) in December 2013 and December 2016.

The main activities of Nana Appiah include the extraction of gold and diamonds, gold traders and other valuable minerals.

Subsequently, in August 2016, he obtained from the state, through the intermediary of the Minerals Commission, a license allowing him to buy and export from the United States. gold of any person holding a small-scale mining license (artisbad miners).

However, in accordance with the terms and conditions of the license, Nana Appiah was required to appoint a gold buying agent to buy gold on her behalf from artisbad miners. NAM1 created Brew Marketing in December 2016.

Investigations have shown that Brew Marketing, although incorporated to buy and sell gold, among others, was not allowed by the Minerals Commission to negotiate for gold.

Meanwhile, Menzgold, through Brew Marketing, after its incorporation, publicly invited the public to deposit money.

The prosecution said the plaintiffs had accepted the invitation and filed the money.

Although the invitation was to buy gold, the prosecution stated that Brew Marketing was not allowed to buy gold and that they were simply acting as an agent of a Menzgold agent during the so-called sales of gold.