“You simply took an investment risk and lost out.” This was a statement made by the lawyer for defunct gold dealership firm, Menzgold to a customer who invested more than GH₵5 million.

Lawyer Kwame Akuffo, during a cross-examination of the prosecution witness, asked the witness, a civil engineer, whether it was not a risk he took by investing heavily in an enterprise like Menzgold.

The civil engineer, Stephen Attippoe, said he relied on the representation made to him by Nana Appiah Mensah, Menzgold and the Brew Marketing Consult but later realised that the business of the accused persons was not licensed.

Stephen Attipoe invested GH₵5.2 million within a spate of three months and got a lump sum of GH₵502,000.

He had seven separate trading agreements with Menzgold Company Limited and made all purchases of gold for seven transactions at the Brew Marketing Consult office located at Spintex.

He explained that the Menzgold trading agreements were produced and signed at the Tema Branch Office of Menzgold, per the laid down procedure of the company.

Mr Attipoe told the court that the documents he obtained from Menzgold Company Limited as a result of each of the seven transactions, included the gold trading agreements, purchase of gold receipts, the gold vaults service receipts, and receipts for the commissions he was asked to pay on each transaction.

Charges against Nana Appiah Mensah and two others

The Attorney General has filed 39 counts of fresh criminal charges at the High Court against the embattled Chief Executive Officer (CEO) of Menzgold Ghana Company Limited, Nana Appiah Mensah, popularly known as NAM 1.

This was after he had made more than 36 appearances without a trial over three years, 11 months at the Circuit Court pending the Attorney-General’s advice.

In the new charge sheet filed at the High Court, NAM 1, together with Menzgold Ghana Company Limited (MGCL) and Brew Marketing Consult Ghana Limited, have been hit with a string of charges, including selling gold without a license, operating a deposit-taking institution without a license, inducement to invest and defrauding by false pretences, fraudulent breach of trust and money laundering.

According to the facts before the court, the accused persons, under false pretence, took over GH¢1.68 billion from their customers and had since not recovered the money.

Investments made by Stephen Attipoe

On June 1, 2018, Mr Attipoe purchased five kilograms of 22-carat pure gold from Brew Marketing Consult, and for this quantity of gold, he paid an amount of GH¢1million to Brew Marketing Consult. In addition, he was made to pay GH¢64,500 in cash representing a non-refundable commission of 6.4%.

On June 5, 2018, he purchased another 5 kilograms of 22-carat pure gold from Brew Marketing Consult and for this quantity of gold, he again paid an amount of one million cedis to Brew Marketing Consult. He paid the commission of 6.4% on this amount as well.

He invested a third time, on June 13, 2018, with the accused persons and purchased another five kilograms of 22-carat pure gold from Brew Marketing Consult and paid an amount of one million. For this amount, he paid the commission of GH¢64,500.

The fourth purchase of gold was made on June 14, 2018. This time, he purchased another three kilograms of 22-carat gold from Brew Marketing Consult. For this quantity of gold, he paid an amount of GH¢600,000 to Brew Marketing Consult. This time, he paid GH¢80,700 in cash representing a non-refundable commission for the investment to be done.

His fifth transaction with the accused persons took place on June 27, 2018, where he purchased another three kilograms of 22-carat plus gold from Brew Marketing Consult and paid an amount of GH600,000. On this amount, he paid GH¢80,700 in cash representing a non-refundable commission for the investment to be done.

On July 23, 2018, when he made his sixth investment, he purchased another four kilograms of 22-carat gold from Brew Marketing Consult. For this quantity of gold, he paid an amount of GH¢800,000 to Brew Marketing Consult. On this, he was made to pay GH¢50,600 in cash representing a non-refundable commission for the investment to be done.

On July 27, 2018, being his seventh investment, he purchased one kilogram of 22-carat gold from Brew Marketing Consult. For this quantity, he paid an amount of GH¢200,000 to Brew Marketing Consult.  On this investment, he was made to pay GH¢12,900 in cash representing a non-refundable commission for the investment to be done.

In total, he invested GH¢5,200,000 in the company’s gold vault market for twenty-six kilograms of gold. He also parted with a total of GH¢335,400 non-refundable commission for the investments.

What Stephen Attipoe earned from Menzgold

In July 2018, Mr Attipoe was given a lump sum payment of GH¢504,000 by Menzgold as his monthly 12% interest on twenty-six kilograms of gold per the agreements signed.

In September 2018, he was given an ECOBANK cheque with a face value of GH¢240, 000 by Menzgold Company as his interest on only ten kilograms of gold.

However, when he presented the cheque at the Tema Main branch of ECOBANK, the cheque was dishonoured.