I will bounce back – NAM1

Embattled Nana Appiah Mensah, aka NAM 1, Chief Executive of Menzgold Ghana Limited, has said he will break his silence on issues that have led to his incarceration on August 19.

He posted on social media yesterday hinting that his companies would see a ‘possible rebound’.

“I will address the press on the 19th August, 19, regarding the state of affairs of our companies, with final practical resolutions to all pending teasing matters, geared towards a highly possible rebound soon. Stay tuned to Zylofon FM & TV for updates (sic).” He posted on social media platform Twitter and signed off with hashtag “#GhanaShallProsper?”

Dubai Troubles

NAM 1 was in jail in Dubai from December last year until July after he was detained there purportedly on a gold business trip.

He was brought into the country by Dubai Interpol and handed over to its counterpart in Ghana in July 12.

He was released in Dubai because the courts in the Emirati country were said to have declared that NAM 1 had not defrauded a company that made the claims and was even said to have been awarded some $39 million to be refunded by the complainant.

Upon his arrival, he was arraigned at a Circuit Court in Accra for allegedly defrauding some 16,000 people who invested a total of GH¢1,680,920,000 in Menzgold.

The said investments have been locked up and the customers have not relented in putting pressure on the authorities to get their monies back even though some of the regulators have said Menzgold was not registered to do that kind of business it was engaged in.

Full Charges

The businessman, together with his wife Rose Tetteh and his sister Benedicta Appiah, both of whom are at large, were then slapped with 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.

Plea & Bail

NAM 1 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 were to be justified.

Additionally, he was ordered by the court to report to the police every Wednesday and the court again ordered that the bench warrant which was issued last year for the arrests of NAM1’s wife and sister who are still at large, should hold.

Harsh Bail Conditions

He was, however, unable to meet the terms of the bail and was in police custody until August 6 when his lawyers applied to the court to vary the terms of the bail.

The court maintained the sum of GH¢1 billion but removed the condition of three of the five sureties to be justified and he was subsequently able to go home from the custody of the police.

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