AG hauls former N.N. Est, M.N.D. Metals General Manager to court over alleged US$280,000 theft 

The Attorney-General has commenced criminal proceedings against former General Manager of N.N. Est Metals Company Limited and M.N.D. Metals Company Limited, Mohammed Nassereddine, over allegations that he dishonestly appropriated US$280,000 by authorising payments to himself without the approval of the Group Chief Executive Officer.

The prosecution contends that the accused orchestrated a series of unauthorised payments involving funds belonging to N.N. Est Metals Company Limited and M.N.D. Metals Company Limited in March 2023, contrary to the companies' internal approval procedures.

Although investigators say Mr. Nassereddine admitted receiving the funds, the Attorney-General maintains that his assertion that the money represented commission due him is inconsistent with the terms governing his remuneration.

Mr. Nassereddine has consequently been charged before the Criminal Division of the High Court in Accra with two counts of stealing, contrary to Section 124(1) of the Criminal Offences Act, 1960 (Act 29).

According to the Attorney-General's brief facts, Mr. Nassereddine was employed in December 2019 by Nidal Nassar Eddine, the Group Chief Executive Officer of the N.N. Est Group of Companies, as General Manager responsible for overseeing the group's operations in Lebanon, Dubai, Turkey, Burkina Faso and Ghana.

As head of the group's Ghanaian operations, the prosecution says he exercised managerial authority over N.N. Est Metals Company Limited and M.N.D. Metals Company Limited, where his responsibilities included the management of company stock and the reconciliation of monthly stock settlements.

The Attorney-General alleges that the relationship between the accused and the Group Chief Executive Officer deteriorated in October 2022 after Mr. Nassereddine was directed to surrender company stock under his control but allegedly failed to comply with that instruction.

The prosecution further alleges that on 8 March 2023, Mr. Nassereddine instructed the companies' accountant to pay him US$50,000 belonging to N.N. Est Metals Company Limited without obtaining the approval of the Group Chief Executive Officer, contrary to the companies' established authorisation procedures.

Later the same day, he is alleged to have directed the accountant to pay him an additional US$30,000 belonging to M.N.D. Metals Company Limited, also without the requisite approval.

According to the Attorney-General, the alleged unauthorised payments continued on 13 March 2023, when Mr. Nassereddine allegedly instructed the accountant to pay him a further US$200,000 belonging to N.N. Est Metals Company Limited, again without the approval of the Group Chief Executive Officer.

The prosecution maintains that the three transactions resulted in the alleged unauthorised appropriation of US$280,000, comprising US$250,000 belonging to N.N. Est Metals Company Limited and US$30,000 belonging to M.N.D. Metals Company Limited.

Court documents further allege that shortly after receiving the funds, Mr. Nassereddine abandoned his duties as General Manager of the two companies.

The alleged irregularities were subsequently uncovered during an audit conducted by the Group Chief Executive Officer, who lodged a formal complaint with the police, culminating in the accused's arrest and the commencement of criminal investigations.

According to the Attorney-General, Mr. Nassereddine admitted during police investigations that he had received the US$280,000 but maintained that the payments constituted commission legitimately owed to him.

The prosecution, however, rejects that explanation, contending that investigations established that the accused's entitlement to commission was subject to annual stock reconciliation and the realisation of company profits.

The Attorney-General further asserts that any commission due to the accused would have been processed through the group's headquarters in Lebanon, in accordance with the company's remuneration arrangements, rather than through the Ghanaian subsidiaries.

It is the prosecution's case that the payments were made without lawful authority and amounted to the dishonest appropriation of corporate funds, thereby constituting the offence of stealing under Section 124(1) of Act 29.

The charge sheet specifies that the first count relates to the alleged theft of US$250,000 belonging to N.N. Est Metals Company Limited, while the second concerns the alleged theft of US$30,000 belonging to M.N.D. Metals Company Limited.