NAM 1 Still Locked Up

Embattled CEO of Menzgold Nana Appiah Mensah, NAM1 is yet to meet his bail conditions seven days after a Circuit Court in Accra granted him bail. 

This is because he has not been able to meet the GH¢1 billion bail and related conditions given by the court.

The court presided over by Jane Harriet Akweley Quayeon on July 26, 2019, granted Nana Appiah Mensah a GHS1-billion bail bond.

He  was as well to provide five sureties, three of which must be justified and also present himself to the police every Wednesday.

His lawyers, during the court proceedings, pleaded that the bail conditions be stepped down since all of NAM 1’s properties had been confiscated by the state. But the court declined the plea.

Sources close to the development confirmed NAM 1’s continued stay in Police custody to Citi News and said plans are far advanced to file for a review of the bail conditions.

Background

NAM 1 has been slapped with 13 counts of defrauding by false pretense, money laundering, and carrying of deposit-taking business without licence contrary to Section 6 (1) of the Banks and Specialized Deposit-taking Institutions Act, 2016 (Act 930).

Nana Appiah Mensah arrived in Ghana on July 11, 2019 where he was picked up by security operatives at the Kotoka International Airport and sent to the Criminal Investigations Department (CID) of the Ghana Police Service for interrogation after spending several months in Dubai in another legal battle.

Bail conditions unfavorable

Menzgold in a statement described the bail condition as unfavorable and the figure involved as outrageous.

Portions of the statement read “as far as we are concerned, the bail conditions are not FAVORABLE 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 is set to appear in court again on August 12, 2019.