NAM 1 to meet ‘Troubled’ Menzgold Customers

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Troubled gold firm Menzgold has said it is up to the task of paying back locked up investment of its customers.

According to PRO of the firm, chief executive officer of the firm, Nana Appiah Mensah also known as NAM 1, who is now on bail after meeting his bail condition Tuesday, is prepared to engage customers over a payment plan.

“That is the challenge ahead of us and we are equally up to that challenge. We are going to communicate the way forward after he is rested enough,” Nii Armah Amartefio told the media on Tuesday.

NAM 1 was released after an Accra Circuit Court presided over by Judge Jane Harriet Akweley Quaye removed the three justifications on the five sureties it set when it granted the troubled CEO bail on the 26th of July 2019.

The court on the said date set the bail to 1 Billion Ghana Cedis with five (5) sureties, three of which must be justified.

Lawyers for NAM1 led by Kwame Akuffo tuesday moved an application for variation of the bail conditions set by the Court at its last sitting.

Police Prosecutors led by ASP Slyvester Asare did not oppose the Application. They, however, disagreed with the proposal by the defence team that the bail bond should be reduced to 20 million Ghana cedis.

Judge Jane Harriet Akweley Quaye’s Court in her ruling said the bail amount of 1 billion Cedis will remain same.

However, the three justifications for the five sureties were removed. Effectively, all that required was for five people to present themselves to sign for NAM1 to have his liberties restored.

NAM 1 is the principal accused person in the case of the Republic verses Menzgold Ghana Limited and four others.

He was charged with abetment of crime, defrauding by false pretences, carrying on a deposit-taking business without licence, sale of minerals without licence, unlawful deposit taking, and money laundering.

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