A Ghanaian court has renewed the bail for Nana Appiah Mensah, also known as NAM1, the former CEO of the defunct gold trading company Menzgold Ghana.
This comes after new legal action was taken in his case after the Attorney General modified it last month.
Following reports of attempts to collect money from clients for their locked-up funds, the AG and Minister of Justice filed a new lawsuit against the embattled CEO and his two defunct companies, Menzgold Ghana Limited and Brew Marketing Consult.
On Wednesday, August 30, a new lawsuit with 39 charges was filed in the High Court.
The defendants were charged with several offenses, including defrauding by false pretense in violation of Section 131(1) of the Criminal Offenses Act, 1960 (Act 29).
On Tuesday, September 19, presiding judge Justice Eric Kyei Baffour granted NAM1 bail in the amount of GH $100 million at the Economic and Financial Court 1.
He was given that bail after an earlier bail of $1 billion with five sureties and three to be justified that had been granted on July 26, 2019, expired.
However, his attorneys, under the direction of Kwame Boafo Akuffo, requested a review of the bail terms.
Justice Kyei Baffour revised the bail amount to GH 500 million without sureties as a result.
Every Thursday, NAM1 is expected to report to the Ghana Police Service’s Criminal Investigations Department (CID).
Additionally, he must leave his passport at home, though he is free to reapply whenever he needs to travel for medical treatment.
Relatedly, Kweku Boahen recently asserted that Chief Executive Officer of Menzgold NAM1 should have been jailed long-term.
Mr. Kweku Boahen speaking on UTV’s Adekye Nsroma morning show monitored by InsightNewsgh.com revealed the moment NAM 1 requested the aggrieved customers of Menzgold to pay GH₵650 verification process to qualify them for a refund of their investment, he should been arrested and put behind bars.
According to him, NAM 1 has been over-pampered and allowed to walk freely in the country without facing charges against him after his gold business collapsed leaving many investors handicapped.
