An Accra High Court has dismissed the submission of no case filed by lawyers of the CEO of defunct gold dealership firm, Menzgold, Nana Appiah Mensah also known as NAM1.
The court presided over by Justice Ernest Owusu-Dapaah said that the CEO of Brew Marketing Consul, the defunct gold dealership firm, and Menzgold have a case to answer and should open their defence.
NAM1 and his two companies; Brew Marketing Consult and Menzgold have been charged with 39 counts of various offences.
The charges include selling gold without a license, operating a deposit-taking business, inducement to invest, defrauding by pretences, fraudulent breach of trust, and money laundering involving the sum of over GH₵340 million.
The prosecution closed its case after calling nine witnesses.
The court on Thursday was required to rule on whether the prosecution has sufficiently made its case or a prima facie evidence has been made.
Under the rules of court, at the close of the prosecution’s case, the court shall, on its motion or a Submission of No Case to Answer, give its reasoned decision as to whether the prosecution has or has not led sufficient evidence against the accused person.
In the 110-page ruling by the court, Justice Owusu-Dapaah first ruled on whether or not Menzgold and NAM1 sold gold to anyone.
The court said the prosecution was able to establish that the accused were selling gold.
The court thus, said it had reviewed and accepted into evidence, and that the receipts showed that the accused sold gold to the public.
On whether or not the accused were involved in the sale of gold without a license, and whether or not they had the license, the court said that it appears that neither NAM1 nor Menzgold was licensed to deal in gold under the Minerals and Mining Act.
“The receipts tendered by the witnesses were not personal jewellery but were real gold and thus the accused did not have the license to deal in gold in the manner they did. Brew Marketing Consult is unknown to the minerals commission to purchase gold.
Based on the evidence presented, it appears that the accused persons did not possess a valid license,” the court stated.
Operating a deposit-taking without a License under Act 930.
The court said it was satisfied that a prima facie case had been made against the accused and it appears that the accused were carrying on deposit-taking business without a license.
On whether the accused induced the general public to invest funds of more than GH₵340 million. The court found that the prosecution has made a prima facie case against the accused and that the accused has a case to answer.
On whether the accused defrauded Ghanaians by pretences, the court initiated that the accused persons have a case to answer.