An Accra Circuit Court has reviewed the bail condition granted embattled CEO of Menzgold Company Limited Nana Appiah Mensah also known as NAM1.
In the court ruling on Tuesday, 6 August 2019, the Judge Harriet Naa Akweley Quaye maintained the bail sum at a cost of GHS1 billion but varied the surety conditions.
She said the businessman is 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 GHS1billion amount. 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 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).
The case has been adjourned to 3 September 2019.