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AG: Docket for the prosecution of NAM1 almost ready

He claimed that the docket for Mr. Mensah, also known as NAM1, is almost ready.

The Attorney General lamented how severely the banking crisis and the operation of Ponzi schemes had hurt Ghana’s economy when speaking on the financial sector crisis in Ghana at Cambridge University.

The central bank of Ghana ordered the Ghana Commercial Bank to take over certain of the banks between August 2017 and January 2020 as a result of the serious financial crisis that plagued the country between those dates. The insolvency of the banks was regarded as a key factor by the central bank in cancelling their license.

The Consolidated Bank Ghana Limited was created by the consolidation of five indigenous banks. An in-depth analysis of the financial crisis revealed that regulatory failures, non-performing loans, breaches of directors’ duties, credit risks, and inadequate corporate governance were to blame for the banks’ weaknesses. Internal auditors were supposed to oversee correct accounting procedures, however they were lazy and covered up Executive Directors. The most recent banking crisis had an impact on the whole economy. Since Ghana’s independence, this economic crisis has been the worst to hit the country.

After rigorous investigations, the dockets of the financial crime are virtually ready for the prosecution to start in earnest, the AG remarked in response to NAM1 particularly.

Maame Tiwaa Addo-Danquahat, the EOCO’s executive director, recently said in a forum that the absence of pertinent laws to support the case makes it increasingly difficult to collect evidence to prosecute Nana Appiah Mensah, also known as NAM1.

After being detained in Dubai on suspicion of cheating a business partner, NAM1 was arrested on July 11, 2019, upon his return to the nation. He is currently free on bail.

NAM1 was released after months of legal wrangling in Dubai because prosecutors were unable to establish their case of fraud against him, thus clearing the way for him to return to Ghana to face trial.

He was first accused of money laundering and defrauding under false pretenses by accepting deposits without a license, and since then, he has appeared in court on more than 50 occasions.

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