The woes of the Chief Executive Officer of Menzgold Ghana Limited, Nana Appiah Mensah, aka NAM1, seem to be compounding as he is said to be struggling to execute the GH¢1 billion bail granted him last week.
It has been one week since an Accra Circuit Court, where he was dragged to, on conspiracy to defraud and other charges, granted him bail but he is still in custody.
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.
Meanwhile, a statement issued by his company indicated that as of last Friday when the bail was granted to him, his team has been able to get all five sureties and the three to be justified have also submitted various documents to prove ownership.
It said documents covering the properties were submitted to the Lands Commission, and the commission is conducting a search to ensure the properties being used belong to the sureties and have the value of the bail terms.
“As we speak, all three landed properties have been submitted by the team. The search, validation and valuation are in process,” the statement noted.
It said once the validation is done, his legal team would go to the registrar of the court to execute the bail.
BY Gibril Abdul Razak