An Accra High Court has dismissed a submission of no case filed by lawyers for Nana Appiah Mensah, also known as NAM 1, the Chief Executive Officer Menzgold, Brew Marketing Consult and Menzgold.
The court, by the ruling, ordered NAM1 to open defense to answer charges in the Menzgold case.
The prosecution called nine witnesses during the cause of its case.
The court, presided over by Justice Ernest Owusu-Dapaah, said it appeared NAM1 and Brew Marketing Consult did not possess a valid license to engage in the sale and purchase of gold and that the prosecution had gotten prima facie evidence.
Owusu-Dapaah, a Court of Appeal Justice, sitting as an additional judge, ordered NAM1 and his two companies to answer 19 counts of defrauding by false pretense.
He was acquitted on the remaining counts after the prosecution abandoned three counts due to the unavailability of those victims.
The court also ordered NAM1 to open his defense to seven counts of fraudulent breach of trust and seven counts of money laundering.
On the charge of operating a deposit-taking business without a license, contrary to sections 6(1) and 22(1) of the Banks and Specialized Deposit-Taking Institutions Act, the court noted that Brew Marketing Consult was unknown as an entity authorised to sell gold to the public.
The court ruled that NAM1, and Brew Marketing Consult must answer the charge of selling gold contrary to section 99(1) of the Minerals and Mining Act.
The court also found that the Central Bank did not authorise the deposit-taking business of NAM1 and Menzgold.
On the charge of inducement to invest, the court noted that using celebrities like Stonebwoy, Becca, Jocelyn Dumas, and Jackie Appiah on billboards appeared to influence the public to invest in Menzgold and Brew Marketing.
