The Accra Circuit Court has granted bail in the sum of Gh₵1billion with five sureties to the Chief Executive Officer (CEO) of Menzgold, Nana Appiah Mensah aka NAM1.

The court, presided over by Mrs Jane Harriet Akweley Quaye, ordered that three of the sureties must provide justification while NAM 1 must also report to the police every Wednesday.

Prosecutors have charged NAM1, his wife and sister and his two companies – Menzgold and Brew Marketing Consult with 13 counts ranging from abetment to defraud by false, pretense, defrauding by false pretense, engaging in money deposit business without license, dealing in gold without license and money laundering.

NAM 1 was granted bail after his lawyer Kwame Akuffo, moved a bail application

Counsel argued that his client was not a flight risk and would always avail himself to stand trial.

He also prayed the court to take into consideration when granting bail that almost all the assets of his client had been confiscated by the state and, therefore, the court should grant him bail in favourable terms.

NAM 1 appeared in court in a black suit and white shirt looking very quiet and occasionally smiling at lawyers and sympathizers in the courtroom

Hundreds of customers of Menzgold and sympathisers also thronged the court premises.

They broke into a euphoria when NAM 1 appeared; with some of them shouting, “Free NAM1” while others shouted “Give is our money”.

Hearing continues on August 12,2019.

Background

NAM1 is standing trial for allegedly defrauding 16,000 people of GH¢1.68billion in the name of investing their monies.

It is the case of the state that the embattled CEO, who returned to Accra on Thursday July 11, 2019 after months of detention in Dubai in the United Arab Emirates, contravened sections of the Banks and Specialised Deposits Taking Act, 930 and the Criminal Offences Act while operating Menzgold and its sister company, Brew Marketing.

He has been charged with two counts of abetment to defraud by false pretence and two counts of abetment to carry out banking business without licence, contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).

Two of his companies — Brew Marketing Consult and Menzgold Ghana Limited — represented by him, have each been charged with defrauding by false pretence, contrary to sections 20 (1) and 13 (1) of the Criminal Offences Act, 1960 (Act 29).

The two companies have also been charged with carrying out a deposit-taking business without a licence, contrary to Section 6 (1) of Act 930.