The bail conditions of the Chief Executive Officer (CEO) of Menzgold, Nana Appiah Mensah, has been modified by an Accra Circuit Court.
The conditions which were set at GHS 1 billion and five sureties with three guaranteed has been reviewed due to an application from lawyers of the embattled businessman.
Laywers of Appiah Mensah, who is popularly known as NAM1, argued that the sureties to be guaranteed is too difficult for their client.
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Making a case for the review of the bail condition, lawyers of NAM 1 argued that the bail conditions of GH¢ 1 billion with 5 sureties of whom three are to be justified were unfair and needed to be reviewed.
In the ruling of the court however, the judge maintained the GHS 1 billion bail condition but varied the surety conditions.
Judge Harriet Naa Akweley Quaye ruled that NAM 1 is supposed to provide five sureties but none to be justified.
NAM1, according to the prosecutors, defrauded about 16,000 people of GH¢1.68 billion on the name of investing their monies.
According to the state, his action contravened sections of the Banks and Specialised Deposits Taking Act, 930 and the Criminal Offences Act while operating Menzgold and its sister company, Brew Marketing.
As part of the bail conditions, he is supposed to report to the Criminal Investigations Department of the Ghana Police Service every Wednesday.
