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Nana Appiah Mensah, CEO of Menzgold, has been released on bail of one billion GH ¢ by a circuit court, probably one of the largest in Ghana.
The bond is accompanied by five deposits, three of which must be justified.
Nana Appiah Mensah, who is facing trial for defrauding false pretense and money laundering, appeared for the second time in court Friday since returning from Dubai.
In arguing for bail, his lawyers, led by Kwame Akuffo, argued that their client did not represent a risk of flight even though he was declared a wanted man by a court in January 2019.
Her lawyer explained that the company had not escaped, but that she had left the country to settle in Dubai in order to recover $ 39 million in investments in a corporation in the framework of a gold gold contract.
But he was wrongly arrested in Dubai on December 7, 2018 and brought to justice. After spending six months there, he was acquitted and released by a Dubai court. NAM1 arrived in Ghana on July 11 with investigators waiting to stop at Accra airport.
The lawyers told the court that the return of the CEO, besieged by his own means, could not be considered a risk of flight.
The state did not oppose the bail, nor did it support it, said Joseph Ackah-Blay, Joynews court correspondent. He left the court using the judge's room, the reporter said.
Previously, desperate clients of Menzgold had patrolled the court premises telling poignant stories of the life of their investments.
They are here because Nana Appiah Mensah, CEO of the former gold distribution company Menzgold, has their money and that they want it terribly.
The CEO and popular, popularly known as NAM1, also wants to be released from the state's repressive institutions, such as the courts. The latter is hearing a criminal case that allegedly defrauded 16,000 people of more than 1.6 billion GH ¢.
This is undoubtedly the main case of fraud since 1995, when Tanko Rahman Shadow, CEO of Pyram Business Consultancies, had defrauded several hundred people.
The government revealed that more than 200 million cedis were locked up in Menzgold. Since the company collapsed after October 2018, customers have been trying to recover their money even though Menzgold operates an unlicensed business.
Menzgold's business purpose was to pay depositors 7% to 10% monthly returns on special gold collectibles purchased and deposited with the company. The promise was considered fantastic and unrealistic. Analysts have described it as a Ponzi scheme.
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