CEO of Menzgold, Nana Appiah Mensah, has been granted bail to the sum of GH¢1billion, by a Circuit Court, believed to be one of the biggest in Ghana’s court.
The bail comes with five sureties, three of which are to be justified.
Nana Appiah Mensah who is standing trial for defrauding and money laundering, made his second appearance in court Friday since his return from Dubai.
Making the case for bail, his lawyers, led by Kwame Akuffo argued, their client is not a flight risk despite being declared a wanted man by a court in 2018.
His legal counsel explained the socialite did not abscond but had left the country to Dubai to retrieve millions of dollars in investments with a company there.
But he was arrested in November 2018 and arraigned. He has since been acquitted and discharged by the Dubai court.
The lawyers told the court the embattled CEO returned to Ghana on his own terms and could not be considered a flight risk.
The state did not oppose or support the bail, JoyNews court correspondent, Joseph Ackah-Blay has said. He exited the court using the judge’s chamber, the reporter said.
Earlier, desperate customers of Menzgold, had patrolled the court premises with harrowing life stories of their investments gone bad.
They are here because CEO of erstwhile gold dealership company Menzgold, Nana Appiah Mensah has their money and they want it back badly.
The CEO and socialite popularly called NAM1, also wants badly, his freedom from the state’s punitive institutions such as the court. This one is hearing a criminal case of allegedly defrauding 16,000 people of more than GH¢1.6 billion.
It is arguably the biggest defrauding case since 1995, when Managing Director of the Pyram Business Consultancies, Tanko Rahman Shadow defrauded several hundred.
Source From: MyJoyonline.com
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