Accra: The Attorney-General has initiated criminal proceedings against Mohammed Nassereddine, the former General Manager of N.N. Est Metals Company Limited and M.N.D. Metals Company Limited. Nassereddine is accused of dishonestly appropriating US$280,000 by authorizing payments to himself without the approval of the Group Chief Executive Officer.
According to Ghana News Agency, the prosecution alleged that Nassereddine orchestrated unauthorized payments from the funds of N.N. Est Metals Company Limited and M.N.D. Metals Company Limited in March 2023, in violation of the companies' internal approval procedures. Although investigators report that Nassereddine admitted to receiving the funds, the Attorney-General argued that his claim of the money being a commission owed to him was inconsistent with the terms of his remuneration.
Nassereddine has been charged with two counts of stealing under Section 124(1) of the Criminal Offences Act, 1960 (Act 29), before the Criminal Division of the High Court in Accra. The Attorney-General's brief facts indicated that Nassereddine was employed in December 2019 by Nidal Nassar Eddine, the Group Chief Executive Officer of N.N. Est Group of Companies, as General Manager overseeing operations in Lebanon, Dubai, Turkey, Burkina Faso, and Ghana.
As head of Ghanaian operations, he had managerial authority over the two metals companies, responsible for managing company stock and reconciling monthly stock settlements. The prosecution claimed that relations between Nassereddine and the Group Chief Executive Officer soured in October 2022 after he allegedly failed to comply with orders to surrender company stock under his control.
On March 8, 2023, Nassereddine allegedly instructed the company's accountant to pay him US$50,000 from N.N. Est Metals Company Limited without CEO approval, contradicting company procedures. Later that day, he supposedly directed an additional US$30,000 payment from M.N.D. Metals Company Limited without the necessary approval.
The alleged unauthorized payments continued on March 13, 2023, when Nassereddine is said to have instructed the accountant to pay him another US$200,000 from N.N. Est Metals Company Limited, once again lacking approval from the Group Chief Executive Officer. The prosecution claims these transactions resulted in the unauthorized appropriation of US$280,000, with US$250,000 from N.N. Est Metals Company Limited and US$30,000 from M.N.D. Metals Company Limited.
Court documents allege that shortly after receiving these funds, Nassereddine abandoned his duties as General Manager. The alleged irregularities were uncovered during an audit by the Group Chief Executive Officer, who filed a police complaint, leading to Nassereddine's arrest and the initiation of criminal investigations.
During police investigations, Nassereddine reportedly admitted to receiving the US$280,000 but maintained it was commission owed to him. The prosecution rejected this explanation, arguing that any commission would be subject to annual stock reconciliation and company profit realization, processed through the group's Lebanon headquarters.
The prosecution contends that the payments were unauthorized and constituted dishonest appropriation of funds, amounting to theft under Section 124(1) of Act 29. The charge sheet specifies that the first count pertains to the alleged theft of US$250,000 from N.N. Est Metals Company Limited, while the second count concerns the alleged theft of US$30,000 from M.N.D. Metals Company Limited.