Embattled CEO of Menzgold Ghana Limited, Nana Appiah Mensah (NAM1), has been granted bail in his ongoing trial on 39 counts of fraud and money laundering charges.
The decision, handed down by the court today, includes several conditions that Mr. Mensah must adhere to during his release.
In a significant development, the court granted bail to NAM1 in the amount of GH¢500 million, a substantial sum designed to ensure his presence at future court proceedings.
This bail amount is accompanied by the requirement of four sureties, and notably, none of them are required to be justified.
Additionally, as part of the bail conditions, NAM1 has been directed to deposit his passport at the court registry, preventing him from leaving the country during the trial.
These developments come after the businessman pleaded not guilty to the charges leveled against him, along with Menzgold Ghana Limited and Brew Marketing Consult, his co-defendants in the case.
Kwame Akuffo, the legal representative for NAM1, requested that the court upheld the previous bail condition of GH¢5 million without justification, which was granted when the case was heard at the circuit court before the state entered a nolle prosequi.
Deputy Attorney General Alfred Tuah Yeboah, representing the state, did not oppose the bail application. However, he emphasized the importance of NAM1 depositing his passport and urged the court to consider the substantial sum of GH¢1.68 billion involved in the matter.
After careful consideration, the judge granted bail to NAM1 in the amount of GH¢500 million with four sureties, all of which are not required to be justified.
Furthermore, Mr. Mensah has been directed to report to the CID headquarters every Thursday, ensuring his cooperation with the ongoing legal proceedings.
The case continues to garner significant attention, with the next court date pending.