Spokesperson for the embattled CEO of Menzgold, Nana Appiah Mensah, Nii Armah Amarteyfio has said his CEO has been granted bail.
According to the him, he is expected to meet some management of the company to discuss how they can pay off their customers.
Speaking on Okay FM’s 'Ade Akye Abia' programme, he explained that though the Securities and Exchange Commission had revoked their license and that they were not in business, they promised to pay the principal of their customers investment.
"Though we cannot pay with interest, we decided to pay our clients their principal and that is what we have decided to do since Nana Appiah Mensah has been granted bail," he said.
He maintained that they are committed to settle their customers despite the fact that they have been taken to court by the government of Ghana.
He however urged their customers to remain calm.
Nana Appiah Mensah was granted bail on July 26, 2019, but had been in police custody due to his inability to meet the conditions including a GHc 1 billion bail bond with five sureties of whom three are to be justified.
Prior to the release, his lawyers claimed the bail conditions were unfair and pleaded with the court for a review.
His lawyer Kwame Akuffo prayed the court to reduce the bail bond to GHC five million.
The prosecution did not oppose the plea for the variation of the bail but disagreed with the defence giving its own figure.
The court however in its ruling maintained the bail at a cost of GHc 1 billion but varied the surety conditions.
Judge Harriet Naa Akweley Quaye ruled that NAM 1 should provide five sureties but none of them need to be justified.
The case has since been adjourned to September 3, 2016.
Background
NAM1 has been slapped with 13 counts of defrauding by false pretences, money laundering, abetment and carrying on deposit-taking business without licence contrary to Section 6 (1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930).
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