Court Issues NAM A Bail Bond Of GHC 500 Million (Details)

The troubled CEO of Menzgold Ghana Limited, Nana Appiah Mensah, alias NAM 1, has been granted bail in his ongoing trial on 39 counts of alleged fraud and money laundering.

The court’s decision, which was made public today, places a number of limitations on Mr. Mensah’s liberty. The court’s decision to grant NAM1 bail in the amount of GH500 million, a significant sum meant to ensure his appearance at subsequent court appearances, was an important step.

In addition to this bail sum, four sureties are needed; noticeably, none of them must justify their sureties’ sureties’ obligations.

NAM1 is not permitted to leave the country while the case is continuing and has been ordered to turn in his passport at the court registry as part of the bail terms.

These events transpired following the businessman’s plea of not guilty to the charges levelled against him on behalf of himself and his co-defendants, Menzgold Ghana Limited and Brew Marketing Consult.

Before the state entered a nolle prosequi, the case was heard in the circuit court, and Kwame Akuffo, the legal representative for NAM1, asked the judge to uphold the previous bail term of GH5 million without a reason.

Alfred Tuah Yeboah, a state representative and deputy attorney general, did not object to the bail request.

However, he emphasised the significance of NAM1 giving up his passport, and he asked the court to consider the significant sum of GH1.68 billion.

After giving it some deliberation, the judge granted NAM1 bail in the amount of GH500 million in exchange for the signatures of four people who would not be required to give an explanation.

Mr. Mensah has also been told to show up at the CID headquarters every Thursday in order to assure his involvement in the ongoing judicial proceedings.

The case is still getting a lot of attention even though the next court date is still far off.

Source: OccupyGh.com 

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