The embattled Chief Executive Officer of the defunct Menzgold Ghana, Nana Appiah Mensah, popularly known as NAM1, has told an Accra High Court that he was duly authorised to operate as a gold buying and trading company, contrary to claims that his operations were illegal.

Under cross-examination, NAM1 maintained that his firm, A2, was properly incorporated and licensed to engage in gold mining, purchasing, value addition and export activities.

NAM1 is currently facing 39 criminal charges, including selling gold without a licence, fraudulent breach of trust, defrauding by false pretences and money laundering, over allegations that he used his company to swindle unsuspecting investors.

Explaining the licensing process, he told the court that A2 applied to the Precious Minerals Marketing Company (PMMC), completed all required documentation, paid the prescribed fees and went through scrutiny before being granted approval to operate.

He further stated that when the PMMC later lost its mandate as a licensing body and was designated as the national assay office, A2 was advised to reapply through the Minerals Commission.

According to him, the new application went through the full regulatory process, including the submission of a detailed company profile outlining its intended business operations and product lines.

“All the required fees were paid, we were invited to sign the necessary documents, and based on that, A2 obtained the relevant approvals to operate,” NAM1 told the court.

When challenged to produce evidence of the licences, NAM1 said he would make efforts to retrieve and present the documents before the next adjourned hearing.

He explained that many company records became inaccessible after the Securities and Exchange Commission (SEC) shut down Menzgold and the Economic and Organised Crime Office (EOCO) took control of the company’s premises.

“However, I will strive to retrieve these documents for my case, possibly before the next adjourned date. We had valid licences from the relevant authorities for our operations,” he added.

Meanwhile, the Accra High Court has directed NAM1 to file his written witness statement to facilitate the smooth continuation of the trial. The case has been adjourned to February 19.

The presiding judge, Justice Sedinam Awo Kwadam, instructed the defence team to comply with the directive ahead of the next hearing.

Separately, Convener of the Aggrieved Customers of Menzgold, Frederick Forson, has claimed that nearly 300 affected investors have died over the years due to frustration and hardship linked to the non-payment of their locked-up funds.

He has therefore appealed to the court to consider holding daily sittings to fast-track the trial and bring the long-running case to a conclusion.