The Accra Circuit Court has varied the bail conditions of Menzgold CEO, Nana Appiah Mensah aka NAM1, by removing the condition that the sureties must show evidence of owning properties worth the bail sum of Gh¢1billion.
The court, however, did not change the bail sum of Gh¢1 billion. NAM 1 is standing trial over allegations of defrauding more than 16,000 people of Gh¢1.6billion.
The court presided over by Mrs Jane Harriet Akweley Quaye, varied the bail terms Tuesday morning - August 6, 2019 - following an application by counsel of NAM 1, Kwame Boafo Akuffo.
On July 26, 2019, the court granted NAM 1 bail in the sum of Gh¢1billion with five sureties, three to be justified.
He was also ordered to report to the police every Wednesday.
Lawyers for NAM1 last week applied for a variation to the GH¢1 billion bail and related conditions given by the court.
The application for a variation to the bail conditions follows the inability of NAM1 to meet his bail conditions days after a Circuit Court in Accra granted him bail.
Bail conditions unfavourable
Menzgold in a statement described the bail condition as unfavourable and the figure involved as outrageous.
Portions of the statement read “as far as we are concerned, the bail conditions are not FAVOURABLE at all but we are determined to meet it. We think that figure is totally outrageous, especially when the figure involved in terms of debt we owe is far less than GHS1.68bn.”
NAM1 will appear in court again on August 12, 2019.
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