Nana Appiah Mensah, the CEO of the now-defunct Menzgold Ghana Limited, has been granted bail to the tune of GH¢500 million with four sureties, none of which are required to be justified.
The decision came after NAM 1 pleaded not guilty to a total of 39 counts of fraud and money laundering charges, which have been brought against him, Menzgold Ghana Limited, and Brew Marketing Consult.
According to reports, NAM 1’s defence lawyer, Kwame Akuffo, successfully petitioned the court to maintain the GH¢5 million bail amount, which had previously been set at the circuit court before the state entered a nolle prosequi. The state, represented by Deputy Attorney General Alfred Tuah Yeboah, did not oppose the bail application but insisted that the accused should deposit his passport.
Alfred Tuah Yeboah urged the court to consider the substantial sum of GH¢1.68 billion involved in the ongoing legal matter.
After careful consideration, the presiding judge ruled in favour of granting bail to Nana Appiah Mensah. He ordered a bail amount of GH¢500 million with four sureties, none of whom are required to be justified. Additionally, NAM 1 has been directed to deposit his passport at the court registry as part of the bail conditions.
In a separate condition, the judge has instructed NAM 1 to report to the Criminal Investigations Department (CID) headquarters every Thursday.