Swiss Group of Companies has accused Ghana-based Mentrax Refinery Ltd. of fraud, false representation, and unlawful conduct in connection with a failed $250,395 USD gold export transaction, and alleges that controversial businessman Nana Appiah Mensah (popularly known as NAM) is linked to the ownership of the refinery.
The allegations are contained in a Notice of Breach of Contract issued on 13 May 2025 by Swiss Group and signed by its Managing Member and General Counsel, P.K. Smartt.
According to the notice, Mentrax Refinery invoiced Swiss Group on 22 April 2025 for services relating to the licensed export of 50 kilograms of gold doré bars from Ghana to the United Arab Emirates. Swiss Group states it paid the invoice in full, transferring $250,395 USD to Mentrax for export licensing, certified assay services, customs handling, shipping documentation, and payment of all government taxes.
Swiss Group alleges, however, that Mentrax knowingly misrepresented itself as an authorized gold exporter, despite not being recognized or approved by Ghana’s Minerals Commission at the time the contract was signed.
The notice further alleges that Mentrax prepared false export documentation, including paperwork purporting to show that one kilogram of gold had been shipped to the UAE. Swiss Group claims no gold was exported and no taxes were paid to the Ghana Revenue Authority, describing the documents as “false when created and an active fraud.”
In addition, Swiss Group accuses Mentrax of issuing a fraudulent assay report dated 29 April 2025, allegedly certifying the weight and chemical composition of 50 kilograms of gold that, according to Swiss Group, did not exist.
Due to what it describes as false, fraudulent, and unlawful acts, Swiss Group says the contract is void and has demanded the immediate refund of the full $250,395 USD. The notice warns that failure to return the funds will result in judicial action against Mentrax, including its agents, owners, and employees.
Significantly, the notice and related sources allege that Nana Appiah Mensah (NAM)—a Ghanaian businessman previously associated with high-profile financial controversies—is said to be part of the ownership structure of Mentrax Refinery Ltd. Swiss Group has not detailed the extent of NAM’s alleged involvement but states that all individuals connected to the company may be held liable if legal action proceeds.
As of publication, Mentrax Refinery Ltd. has not issued a public response, and Nana Appiah Mensah has not commented on the allegations. Attempts to reach Mentrax for clarification were unsuccessful.
The dispute has drawn renewed attention to regulatory compliance and transparency in Ghana’s gold export sector, where exporter authorization and document authenticity are critical to preventing fraud in high-value international transactions.
Swiss Group says it is prepared to escalate the matter through legal channels if the funds are not promptly returned.
