Menzgold case: Courts grants NAM1 GHc500M bail, four sureties

Embattled Chief Executive Officer (CEO) of defunct Menzgold Ghana Limited, Nana Appiah Mensah popularly known as (NAM1) has been granted bail in the sum of GHc500 million.

NAM1 who pleaded not guilty to 39 counts of fresh charges is also to produce four sureties without justification.

The fresh bail terms granted him by the Financial Division of the Accra High Court presided over Justice Earnest Owusu Dapaah, a Justice of the Court of Appeal sitting as an additional High Court judge also include an order for him to deposit his passport at the Registry of the Court and report to the CID headquarters every Thursday.

NAM1, who was also representing Menzgold Ghana Limited and Brew Marketing Consult, the other two accused persons, earlier said “My Lord, I’m not guilty” as he responds to charges.

Before His Lordship, Justice Ernest Owusu Dapaah, a Justice of the Court of Appeal, sitting as an additional responsibility as a High Court judge, NAM1 denied any wrongdoing in all 39 counts.

The 39 counts comprised of a count each of selling gold contrary to section 99 (1) of the Minerals and Mining Act, 2006 (Act 703, Operating a deposit-taking business without a license contrary to section (1) and 22 (1) of the Banking and Specialized Deposit-Taking Institutions Act, 2016 (Act 930) and Inducement to invest contrary to section 344 of the Companies Act, 2019 (Act 992),
The others include 22 counts of Defrauding by false pretense contrary to section 131 (1) of the Criminal Offences Act, 1960 (Act 29), seven counts of fraudulent breach of trust contrary to section 128 of the Criminal Offences Act, 1960 (Act 29) and seven counts of Money Laundering contrary to section 1(2)(a)(i) of the Anti-Money Laundering Act, 2020 (Act 1044).

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EIB Network’s Legal Affairs Correspondent, Murtala Inusah, reports that the case has been adjourned to October 27, 2023 with the Prosecution ordered to file their disclosures.

Brief facts

Per the brief fact states that, the 2nd accused person (A2), Menzgold Ghana Limited and the 3rd accused person (A3), Brew Marketing Consult Limited, are sister companies owned by the 1st accused person (A1), Nana Appiah Mensah alias NAM1.

It added that, Menzgold was first registered as Menzbank Ghana Company Limited in 2013 whereas Brew Marketing Consult Limited was registered in December 2016.


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