NAM 1 granted GHC1bn bail

Menzgold Chief Executive Nana Appiah Mensah has been granted bail by an Accra High court.

He is however to satisfy a GHC 1 billion bail bond with 5 sureities, 3 to be justified before gaining access to his freedom custody.

The matters has been adjourned to August 12.

Before today’s court appearance, customers of Menzgold, who thronged the court Friday Morning, have been appealing to the state to grant him bail so he could pay back their held up investment.

Menzgold Ghana Limited folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.

According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929).

The collapse of the gold trading firm had been blamed on the directive.

President Akufo-Addo described the Menzgold crisis as tragic phenomenon for the country that appeared to have occurred in plain sight, and affected many people, “in spite of warnings from official institutions.”

He charged the relevant authorities to unravel the intricacies of “what happened in the Menzgold saga, I admonish all Ghanaians to learn the necessary lessons for the future, even as State institutions work to bring a resolution to the matter, and those who are seen to have indulged in criminal activities, are brought to justice.”

Source: Starrfm.co.gh