In his ongoing trial on 39 counts of fraud and money laundering allegations, Nana Appiah Mensah aka NAM 1, the embattled CEO of Menzgold Ghana Limited, has been granted bail.
The court’s verdict, which was announced today, imposes various restrictions on Mr. Mensah’s freedom. A key step was the court’s decision to grant NAM1 bail in the amount of GH500 million, a sizeable sum intended to guarantee his appearance at upcoming court appearances.
Four sureties are required in addition to this bail amount; noticeably, none of them must provide justification.
NAM1 has also been ordered to surrender his passport at the court registry as part of the bail requirements, prohibiting him from leaving the country while the case is pending.
These developments came after the businessman and his co-defendants, Menzgold Ghana Limited and Brew Marketing Consult, entered a not-guilty plea to the accusations brought against them.
When the case was heard in the circuit court prior to the state entering a nolle prosequi, Kwame Akuffo, the legal counsel for NAM1, requested that the court uphold the prior bail term of GH5 million without cause.
State Representative and Deputy Attorney General Alfred Tuah Yeboah did not object to the bail request.
He stressed the significance of NAM1 depositing his passport though, and he requested the court to take the sizeable sum of GH1.68 billion into account.
After giving it some thought, the judge released NAM1 on bail in the sum of GH500 million with the help of four sureties, none of whom had to provide any explanation.
In order to ensure Mr Mensah’s participation in the continuing legal procedures, he has also been instructed to report to the CID headquarters every Thursday.
Even though the next court hearing is still in the future, the case is still receiving a lot of attention.
