NAM1 granted GH¢1 billion bail

Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah has been granted a GH¢1 billion bail by an Accra Circuit court presided over by Jane Helen Akweley Quaye.

This was when he appeared in court Friday morning for the commencement of his trial.

To secure the bail, NAM1 is expected to present 5 surities, three of whom must be justified. He is also expected to report himself to the police every Wednesday.

Lawyer for the accused, Kwame Akuffo, who moved a bail application told the court that his client was not a flight risk and would always be available to stand trial.

He also prayed the court to grant his client bail on favourable terms considering the fact that the state has confiscated almost all his assets.

Sitting has been adjourned to August 12 2019.

The CEO of embattled gold trading Menzgold has been charged with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without a licence, contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).

Two of his companies — Brew Marketing Consult and Menzgold Ghana Limited — represented by him, have each been charged with defrauding by false pretence, contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29).

His sister and wife have also been slapped with 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 Act 930.

The two women who are said to have aided Menzgold to carry out the fraudulent acts are still at large as their whereabouts still remain a mystery to the police.

Customers of Menzgold who have had their monies locked up as a result of the company being closedown besieged the court this morning, calling for NAM1's release.

Upon NAM1’s appearance at the court, the customers, holding various placards, began to scream “free NAM1, he is our hero”.

Some of the inscriptions on the placards are:

“Form committee for transparency now”, “suspend criminal charges now”, “23 people dead in Menzgold saga”, “no money for fees and medical bills” among others.