Menzgold CEO NAM 1 granted GH¢500m bail

By Stermy 2 Min Read

Chief Executive Officer of defunct Menzgold Ghana Limited, Nana Appiah Mensah, has been granted bail to the tune of GH¢500 million with four sureties, none to be justified.

He has also been directed to leave his passport at the court registry as part of the bail conditions. This comes after he pleaded not guilty to some 39 counts of fraud and money laundering charges.

The AG slapped Nana Appiah Mensah popularly known as NAM 1 with 39 counts of offences including money laundering abetment, defrauding by false pretences, carrying on deposit-taking without the requisite license unlawful deposit-taking and money laundering among other charges.

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This is a reduction from the initial 61 charges brought against him.

Menzgold CEO NAM 1 granted GH¢500m bail all you need to know about Nana Appiah Mensah nam 1's Menzgold and fraud case on townflex
Nam 1 (Nana Appiah Mensah

His lawyer, Kwame Akuffo, prayed the court to maintain the condition of GH¢5 million with no justification which was the conditions of the bail he was given at the circuit court where the case was previously heard before a nolle prosequi was entered by the state.

The state represented by Deputy Attorney General, Alfred Tuah Yeboah did not oppose the bail application but, however, asked for the accused to be made to deposit his passport.

Alfred Tuah Yeboah further urged the court to consider the sum of GH¢1.68 billion involved in the matter.

The judge after considering the application granted bail to the tune of GH¢500 million with four sureties with none to be justified.

Nam 1 has further been directed to report to the CID headquarters every Thursday.

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By Stermy
Stermy is one Crazy fan of the word "Internet". Always online to stay informed and keep others updated. #townflex