Nana Appiah Mensah (NAM 1), the CEO of defunct gold dealing firm, Menzgold Ghana Limited, has been granted bail to the tune of GH¢500 million with four sureties.
He has also been directed to deposit his passport at the court registry as part of the bail conditions.
NAM 1 pleaded 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.
According to Citi News, NAM 1’s 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.
A Deputy Attorney General, Alfred Tuah Yeboah, who represented the state did not oppose the bail application but was quick to ask the court to direct 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.
NAM 1 was further directed by the Court to report to the CID headquarters every Thursday.