Accra High Court grants NAM1 fresh GH¢500 million bail

An Accra High Court has granted a fresh bail to Nana Appiah Mensah (NAM1), the Chief Executive Officer of defunct gold dealership, Menzgold.

It follows the start of fresh proceedings on the case brought against him by the Attorney General in August 2023.

According to a 3news.com report, following reports of attempts

Read full articleto collect monies from customers of the defunct company to allow for their locked-up funds to be processed emerged, the AG and Minister of Justice filed a fresh suit against the embattled CEO and his two defunct firms: Menzgold Ghana Limited and Brew Marketing Consult.

In this new suit, the State slapped 39 fresh charges on him in a Wednesday, August 30, suit filed at the High Court.

Included in those charges are defrauding by false pretence contrary to Section 131(1) of the Criminal Offences Act, 1960 (Act 29).

The report added that the Economic and Financial Court 1 presided over by Justice Eric Kyei Baffour “initially granted NAM1 bail to the tune of GH¢100 million.

“He was granted that bail as a result of the expiration of an earlier bail granted on July 26, 2019, to the tune of ¢1 billion, with five sureties and three to be justified.”

It added that lawyers for NAM1, led by Kwame Boafo Akuffo, however, sought a review of the bail conditions.

After listening to the reasons given by the lawyers, the judge allowed for a review, bringing the bail to GH¢500 million with no sureties, the report added.

In the meantime, NAM1 will report to the Criminal Investigations Department (CID) of the Ghana Police Service every Thursday and has been ordered to deposit his travelling passport.

He is, however, allowed to apply for it anytime he intends to travel for medical reasons.

AE/OGB