CEO of defunct Menzgold Ghana Limited, Nana Appiah Mensah, popularly known as NAM 1 has been granted bail to the tune of GH¢500 million with four sureties, none to be justified.
NAM 1 has also been directed to deposit his passport at the court registry as part of the bail conditions.
This follows his plea of not guilty to 39 counts of fraud and money laundering charges which he is standing trial for together with Menzgold Ghana Limited and Brew Marketing Consult.
His lawyer, Kwame Akuffo, prayed the court to maintain the condition of GH¢5 million with no justification which was the conditions of the bail he was given at the circuit court where the case was previously heard before a nolle prosequi was entered by the state.
The state represented by Deputy Attorney General Alfred Tuah Yeboah did not oppose the bail application but, however, asked for the accused to be made to deposit his passport.
Alfred Tuah Yeboah further urged the court to consider the sum of GH¢1.68 billion involved in the matter.
The judge after considering the application granted bail to the tune of GH¢500 million with four sureties with none to be justified. He has further been directed to report to the CID headquarters every Thursday.
Meanwhile, the Deputy Attorney General has announced that his office will consider applying for a daily hearing of the case.
Speaking to journalists Mr. Tuah Yeboah, said the daily hearing will help expedite the case and bring closure to the victims of NAM 1’s alleged fraud.
“We are of the humble opinion that this is a matter that we must apply to the courts for an expedited hearing, so at the case management we will put up that application and request to the court, subject to the court’s convenience to have this matter heard on daily basis”, he said.