“You simply took an investment risk and lost money.” This is the statement made by a lawyer for defunct gold sales company Menzgold to a client who invested more than GH₵5 million.
During his cross-examination of a prosecution witness, lawyer Kwame Akufo asked the witness, who is a civil engineer, whether he did not take risks by investing heavily in companies like Menzgold.
Mr. Stephen Atippo, a civil engineer, relied on representations from Mr. Nana Appiah Mensah, Mr. Menzgold, and Brew Marketing Consulting, but later discovered that the defendants’ business was not licensed. said.
Stephen Attipoe invested GH5.2 million within three months and received a lump sum of GH502,000.
He had seven separate trading agreements with Menzgold Company Limited, and all gold purchases in the seven trading transactions were made at his Brew Marketing Consult office in Spintex.
He explained that the Menzgold trading agreement was prepared and signed at Menzgold’s Tema branch in accordance with the company’s established procedures.
In court, Attipoo said documents obtained from Menzgold as a result of each of the seven transactions included gold transaction contracts, gold purchase receipts, receipts for gold storage services, and receipts for requested fees. said it was included. Pay per transaction.
Charges against Nana Appiah Mensah and two others
The Attorney General has filed 39 new criminal charges in the High Court against the Chief Executive Officer (CEO) of Menzgold Ghana Company Limited, popularly known as NAM 1, Nana Appiah Mensah.
This came after he appeared in circuit court more than 36 times without trial for three years and 11 months while awaiting advice from the attorney general.
In a new indictment filed in the High Court, NAM 1, along with Menzgold Ghana Company Limited (MGCL) and Brew Marketing Consult Ghana Limited, are accused of selling, depositing, and selling gold without authorization. He has been charged with a series of charges, including operating a Unauthorized institutional investment, solicitation of investment, fraud by false pretenses, fraudulent breach of trust, and money laundering.
According to the facts before the court, the defendants used false pretenses to collect GH¢1.68 billion from customers and subsequently failed to recover the money.
Investments by Stephen Attipoo
On June 1, 2018, Mr. Attipoo purchased 5 kilograms of 22 carat pure gold from Brew Marketing Consult and paid GH¢1 million to Brew Marketing Consult for this amount of gold. In addition, he was made to pay his 64,500 francs in cash, which amounted to his 6.4% non-refundable fee.
On June 5, 2018, he purchased a further 5 kilograms of 22 carat pure gold from Brew Marketing Consult and again paid Brew Marketing Consult 1 million cedis for this amount of gold. He also paid a commission of 6.4% on this amount.
He made a third investment with the defendants on June 13, 2018, purchasing an additional five kilograms of 22-carat pure gold from Brew Marketing Consult for $1 million. For this amount, he paid his commission of GH64,500.
The fourth gold purchase was made on June 14, 2018. This time he purchased another 3 kilograms of his 22 carat gold from his Brew Marketing Consult. In consideration for this amount of gold, he paid his Brew Marketing Consult his 600,000 Greek francs. This time he paid 80,700 francs in cash as a non-refundable fee for the investments made.
The fifth transaction with the accused took place on June 27, 2018, in which he purchased an additional three kilograms of over 22 carat gold from Brew Marketing Consult, paying GHG 600,000. For this amount, he paid 80,700 francs in cash as a non-refundable commission on the investment.
On July 23, 2018, during his sixth investment, he purchased another 4 kilograms of 22-carat gold from Brew Marketing Consult. In consideration for this amount of gold, he paid his Brew Marketing Consult his 800,000 Greek francs. This made him pay his 50,600 francs in cash as a non-refundable fee on his investment.
On July 27, 2018, for his seventh investment, he purchased 1 kilogram of 22 carat gold from Brew Marketing Consult. For this amount, he paid Brew Marketing Consult his GH¢200,000. For this investment, he was made to pay his 12,900 Grin cents in cash as a non-refundable fee for making the investment.
He invested 5,200,000 francs in the company’s gold vault market for a total of 26 kilograms of gold. He also waived non-refundable fees totaling GH335,400 on his investments.
What Stephen Attipoo got from Menzgold
In July 2018, Mr. Attipoo received a lump sum payment of CHF 504,000 from Menzgold, with monthly interest of 12% on 26 kilograms of gold, pursuant to a signed agreement.
In September 2018, he received an Ecobank check with a face value of GH¢240,000 from Menzgold as interest on only 10kg of gold.
However, when he presented the check at Ecobank’s Tema head office, the check bounced.
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