NAM 1 receiving medical attention - Menzgold

Embattled gold firm, Menzgold Ghana Limited has disclosed that its CEO, Nana Appiah Mensah aka NAM 1 is receiving medical attention following his release on bail on August 6.

NAM 1 was released after the signing of his bail bond by five individuals at the registry of the Accra Circuit Court.

This was after the court varied the bail conditions to allow for five sureties to guarantee his bail without showing evidence of having properties worth the GH¢1 billion bail sum.

According to a statement signed by the Head of Communications of Menzgold, Nii Amarh Amarteifioo, NAM 1 is currently receiving medical attention after spending nine-months behind bars in Ghana and Dubai.

The statement added that he will address troubled customers of Menzgold in the coming days.

"We wish to inform the public that the CEO is currently receiving urgent medical attention following the excruciating nine-month ordeal in Dubai and Ghana," the statement said.

"In the face of the incessant calls for the CEO to address the public, we wish to assure our cherished customers that in due course he will address them on the way forward".

Dubai arrest

It will be recalled that NAM 1 was arrested last December in Dubai, following an an alleged misrepresentation to security authorities in Dubai by a Dubai based company that he could be connected to an alleged botched gold business with a Ghanaian company.

He was allegedly in Dubai to retrieve a $39 million debt owed Menzgold by a Dubai-based company, Horizon Royal Diamonds DMCC, for the supply of gold.

The Dubai Court upheld its earlier ruling ordering the United Arab Emirates-based company to pay up $39 million owed NAM 1 in July and he was released from custody

Following his arrival in Ghana on July 11, he was arrested by security operatives at the Kotoka International Airport and later made his first court appearance in Ghana on July 26.

Not guilty

Prosecutors have accused NAM 1, his wife (Rose Tetteh), and his sister (Benedicta Mensah) of being the principal officers of Menzgold, and using the company as a tool to defraud more than 16,000 people of GH¢1,680,920,000.

The three accused, Menzgold and its sister company, Brew Marketing Consult Limited (both represented by NAM 1), have been slapped with 13 counts.

The counts are defrauding by false pretences, abetment to defraud by false pretences, carrying deposit business without licence, abetment of sale of minerals without licence, sale of minerals without licence, abetment to the unlawful deposit-taking, unlawful deposit-taking and money

NAM 1 has pleaded not guilty to all the charges. His wife and his sister are, however, at large.

The court, presided over by Mrs Jane Harriet Akweley Quaye, granted him bail in the sum of GH¢1 billion, with five sureties.

Per the bail conditions as ordered by the court, three of the sureties must be justified, while NAM 1 must also report himself to the Ghana Police Service every Wednesday.

However, the court later reviewed the bail conditions after NAM 1's lawyers filed for a variation.

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.

Even though prosecution in the case did not oppose the plea for the variation of the bail condition, they disagreed with the fact that NAM1’s lawyers were giving their own figure.

In the ruling of the court however, the judge maintained the GH¢ 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.

Suggesting that he must only show properties worth GH¢ 1 billion and report to the police every Wednesday after meeting the bail conditions.

His legal team led by Mr Kwame Akuffo successfully executed all the varied bail terms and he was released.

The case has been adjourned to September 3 2016.