NAM1 Granted Fresh Bail At GH¢500m With No Sureties

The Chief Executive Officer of defunct gold dealership firm Menzgold Ghana, Nana Appiah Mensah, popularly known as NAM1, has been granted fresh bail by an Accra High Court.This follows fresh proceedings on his case as amended last month by the Attorney General.

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 – after reports of attempts to collect monies from customers for their locked-up funds emerged.

The fresh suit of 39 charges was filed at the High Court on Wednesday, August 30.

Among the offences, the defendants were accused of defrauding by false pretence contrary to Section 131(1) of the Criminal Offences Act, 1960 (Act 29).

At the Economic and Financial Court 1 on Tuesday, September 19, presiding judge 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.

His lawyers, led by Kwame Boafo Akuffo, however, sought a review of the bail conditions.

As a result, Justice Kyei Baffour reviewed the bail to GH¢500 million with no sureties.

NAM1 is expected to report at the Criminal Investigations Department (CID) of the Ghana Police Service every Thursday.

He is also to deposit his travelling passport but can apply for it anytime he is to travel to seek medical care.