The Chief Executive Officer of the now-defunct Menzgold Ghana Limited, Nana Appiah Mensah, commonly referred to as NAM1, has refuted allegations of violating financial regulations to operate an illicit gold dealership business.

NAM1 is currently facing trial for allegedly defrauding more than 16,000 clients of the defunct company, amounting to GH¢1.6 billion.

During his appearance before the High Court on Tuesday, September 19, 2023, NAM1's legal representative, Kwame Akuffo, asserted that his client had not contravened the provisions of the Banking and Specialised Deposit-Taking Institutions Act, 2016 (Act).

Rather, the lawyer claimed that officials from the country's central bank, the Bank of Ghana, had advised his client to streamline operations by changing the name of the gold deposit-taking institution from Menzbank (formerly Menzgold) to Menzbac.

“Indeed, in meetings with the BoG, it was the BoG that recommended that third accused company (Brew Marketing Consult) be set up in order to ensure that the gold marketing business was kept distinct from the business of Menzgold,” counsel said, he is quoted by Graphic Online.

Kwame Akuffo, the attorney for NAM1, did not, however, give the identities of the BoG representatives he claimed gave his client the alleged advice.

He said that at the opportune time during the trial, he would exercise his right to subpoena BoG officials to testify before the Court in order to assist his client's defense. He said that this might alter.

“I will skip the names because the court may take evidence from them in camera,” counsel for NAM1 told the High Court.

The High Court, presided over by Dr. Ernest Owusu-Dapaa, a Justice of the Court of Appeal sitting as an additional High Court judge, later granted bail to Nana Appiah Mensah on Tuesday in the amount of GH500 million with four sureties.

According to state prosecutors, NAM1 is accused of violating Act 930 of the BoG, fraud by false pretense, money laundering, and fraudulent breach of trust on about 39 counts.