An Accra Circuit Court has reviewed the bail condition granted embattled Chief Executive Officer (CEO) of Menzgold Company Limited, Nana Appiah Mensah, also known as NAM1.
In the court ruling yesterday, the Judge, Harriet Naa Akweley Quaye, maintained that the bail sum at a cost of GHS1 billion but varied the surety conditions.
She said the businessman was supposed to provide five sureties but none to be justified.
Nam1’s lawyers had made an appeal to the court to vary his bail condition by reducing the GHS1 billion. He was also to provide five sureties three of which were to be justified.
Despite his bail on 26 July, 2019 he has remained in custody for failing to meet the conditions.
NAM1 is standing trial and has been charged with two counts of abetment to defraud by false pretense and two counts of abetment to carry out banking business without license, contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
The case has been adjourned to 3 September, 2019.
Story: Franklin ASARE DONKOH
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