The Chief Executive Officer of Menzgold, Nana Appiah Mensah (Nam1) has been granted a GH¢ 1 billion bail by an Accra Circuit court.
He is to present 5 sureties, three of whom must be justified. This was after he made a second appearance before the court on Friday.
NAM1’s lawyer, Kwame Akuffo while praying the court for the bail asked the court to reduce the monetary condition because all his assets have been seized by the state.
The state prosecutor did not oppose the bail application. As part of the bail condition, NAM1 is expected to report to the police every Wednesday.
Some customers of Menzgold have besieged an Accra Circuit court ahead of the appearance of the company’s CEO, Nana Appiah Mensah, popularly known as NAM1.
The customers, some of whom were clad in red were spotted around the premises of the court where NAM1 is expected to make a second appearance to continue the hearing of the case of fraud brought against him by the state.
The CEO of Menzgold, Nana Appiah Mensah also known as NAM 1 was remanded in Police custody by the court .
The embattled CEO is on trial for two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without licence, contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
Nana Appiah Mensah arrived in Ghana on July 11, 2019 where he was picked up by security operatives at the Kotoka International Airport and sent to the Criminal Investigations Department (CID) of the Ghana Police Service for interrogation after spending several months in Dubai in another legal battle.
He spent the night in police custody after he was denied bail.