– CEO of Menzgold, Nana Appiah Mensah, popularly known as Nam1 has been granted bail by an Accra High Court over a lawsuit filed against him.
- – About 16,000 customers of Menzgold who dragged the embattled CEO to court over their locked investment are now pleading for his release.
- – Ever since the Securities and Exchange Commission asked Menzgold to shutdown, Nana Appiah Mensah has not been able to pay back his customers.
- – Nam 1 is still the CEO of Menzgold Company Ltd, Brew Marketing Consult and Zylofon Media.
The Accra Circuit Court has granted bail in the sum of Gh¢1billion ($186 million) with five sureties to the Chief Executive Officer (CEO) of embattled gold firm Menzgold, Nana Appiah Mensah aka NAM1.
Nana Appiah Mensah was granted bail today, Friday, July 26, 2019.
According to reports, the embattled CEO is happy to be going home finally.
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 at 10 am.
Meanwhile, 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.
Mr Kwame Akuffo 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.
The CEO of Menzgold, NAM1, appeared in court today wearing a black suit and white shirt looking very quiet.
He occasionally smiled at lawyers and sympathizers in the courtroom.
He pleaded not guilty to all 13 charges. Hearing continues on August 12,2019.
Background
NAM1 has been battling two court cases after his company Menzgold was asked to shutdown by the Securities and Exchange Commission. The embattled CEO then left for Dubai to retrieve money that he intends to use to pay back customers’ locked up investments.
However, he faced a stiff court suit in Dubai as he was arrested and served some months in a Dubai prison.
After reportedly winning the case in Dubai, NAM1 was arrested on his arrival to Ghana at the Kotoka International Airport. He has assured customers of the collapsed company that he will refund their money and subsequently get back into business.
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