Business

Supreme Court rejects bid to stop trial of Menzgold CEO Nana Appiah Mensah

The Supreme Court has refused to suspend the trial of Nana Appiah Mensah, popularly known as NAM1, the former Chief Executive Officer of the now-defunct Menzgold Ghana Limited.

This decision follows similar rejections by both the High Court and the Court of Appeal.

NAM1, along with his companies Menzgold Ghana Limited and Brew Marketing Consult Ghana Limited, faces 39 charges.

These include selling gold without a license, conducting an unlicensed deposit-taking business, inducement to invest, obtaining money by false pretenses, fraudulent breach of trust, and money laundering. The accusations stem from customer losses totaling GH¢340,835,650 incurred between 2016 and 2018.

Despite the serious allegations, NAM1 has denied all charges. He is currently out on bail set at GH¢500 million with four sureties.

In 2024, the High Court ordered him to begin his defense. Following the dismissal of his submission of no case, his legal team petitioned to overturn this instruction and sought a pause in the proceedings.

Their request to stay the trial was denied by the trial court and subsequently by the Court of Appeal.

Seeking further recourse, his lawyers approached the Supreme Court, which has now dismissed their application, allowing the trial to continue.

Meanwhile, Aggrieved Menzgold customers have called for a swift continuation of the trial of Nana Appiah Mensah, popularly known as NAM1, following the Supreme Court’s dismissal of his application to overturn rulings by the Court of Appeal and the High Court.

Fredrick Forson, spokesperson for the affected investors, urged the courts to expedite proceedings, citing the long-standing suffering caused by the alleged fraud.

“We have gone through a lot. Nearly eight years have passed, and over 244 of our members have died during this period,” Forson said.

He described the devastating impact of the fraud on investors, noting that many are still struggling with financial hardship, broken homes, and shattered dreams.