An Accra High Court has granted new bail to Nana Appiah Mensah, also known by his stage name NAM1, the chief executive of the now-defunct gold trading company Menzgold Ghana.
This comes after the Attorney General modified his case last month, prompting new procedures.
Following claims of attempts to recover money from clients for their locked-up assets, the AG and Minister of Justice filed a new lawsuit against the controversial CEO and his two collapsed companies, Menzgold Ghana Limited and Brew Marketing Consult.
On Wednesday, August 30, a new lawsuit with 39 counts was filed in the High Court.
The defendants were charged with several offenses, including defrauding by false pretense in violation of Section 131(1) of the Criminal Offenses Act, 1960 (Act 29).
On Tuesday, September 19, presiding judge Justice Eric Kyei Baffour granted NAM1 bail in the amount of GH $100 million at the Economic and Financial Court 1.
After a previous bond of $1 billion with five sureties and three to be justified that was issued on July 26, 2019 expired, he was given that bail.
However, a review of the bail restrictions was requested by his attorneys, who were led by Kwame Boafo Akuffo.
Justice Kyei Baffour revised the bail as a result, raising it to GHC 500 million without sureties.
Every Thursday, NAM1 is required to report to the Criminal Investigations Department (CID) of the Ghana Police Service.
His travel passport must also be left behind, but he may reapply whenever he needs to travel for medical treatment.
