Nana Appiah Mensah aka NAM1
The embattled Chief Executive Officer (CEO) of
Menzgold Ghana Limited, Nana Appiah Mensah, aka NAM1, has filed an application at
an Accra Circuit Court begging it to reduce the GH¢1 billion bail granted him.
According to an affidavit in support of the
application deposed to by Yvonne Akuffo-Addo of Kwame & Co. Unlimited law
firm, “NAM1 himself is not worth GH¢1 billion and it would, therefore, be
difficult for him to execute it.”
The application said that the bail granted NAM1
is the largest that has ever been granted in the history of the nation in
criminal proceedings and this, it said, is tantamount to the court refusing to
grant him bail.
The application wants the bail to be reduced
from GH¢1 billion to GH¢5 million.
Trial
The trial of NAM1 commenced at an Accra Circuit
Court where he together with his wife Rose Tetteh and his
sister Benedicta Appiah (both at large) are facing a total of 13 counts of
defrauding by false pretences, money laundering, abetment and carrying on
deposit-taking business without licence.
His companies – Menzgold Ghana Limited and Brew
Marketing Consult Limited – have also been charged with seven counts of
defrauding by false pretences, and carrying on deposit-taking business without
licence.
NAM1 pleaded not guilty to all the charges and
the court presided over by Jane Harriet Akweley Quaye granted him bail to the
tune of GH¢1 billion (about $185 million) with five sureties, three of which
are to be justified.
Additionally, he was ordered by the court to
report to the police every Wednesday.
Checks by DAILY GUIDE indicate that NAM1 is
still in the custody of the police while his legal team and staff are fervently
working to get him out.
Statement
A statement issued by his company indicated
that as of last Friday when the bail was granted to NAM1, his team had been
able to get all five sureties and the three to be justified had also submitted
various documents to prove ownership.
Variation
However, his lawyers have now filed an application saying that “under the circumstances and considering the fact that 3rd accused/applicant (NAM1) made a voluntary return to the jurisdiction, it is respectfully prayed that the bail bond be reduced to five million (GH¢5,000,000) which is a realistic and reasonable burden to impose on the 3rd accused/applicant whose entire assets and revenue streams have been taken over by the government.”