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.”