Chief Executive Officer of embattled gold dealership firm Menzgold, Nana Appiah Mensah aka NAM1 has finally been released from Police custody.
NAM1 was granted bail by an Accra Circuit court but was still in police custody after failing to meet the bail conditions.
On Tuesday, August 6, 2019, the Accra Circuit Court varied the bail conditions 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. 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.
NAM1 was freed at 4 pm Tuesday August 6, 2019.
NAM 1 is standing trial over allegations of defrauding more than 16,000 people of Gh¢1.6billion.
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 in September.
- Court reviews NAM1's bail conditions
- NAM1's bail condition unfavourable, Ghc1bn bail bond is outrageous - Menzgold