An Accra Circuit Court has reviewed the bail conditions for embattled Menzgold boss, Nana Appiah Mensah.
The court has ruled that persons who have pledged to take responsibility if the businessman fails to show up in court to stand trial, must no longer show evidence of owning properties worth GH¢1 billion.
This follows an application by his lawyers describing the bail sum of GH¢1 billion as impossible to meet.
Lead Counsel for Mr. Mensah, Kwame Akuffo urged the Court to fix the sum at GH¢5 million.
The court presided over by Jane Harriet Akweley Quaye, on July 26 granted him bail in the sum of GH¢1 billion, with five sureties.
Three of the sureties (guarantors) were required to collectively show evidence of owning properties worth that amount.
Mr. Mensah, however, remained in custody as he did not meet the conditions leaving his lawyers to ask the judge for a downward review to GH¢5 million.
The prosecutors did not oppose the application except to ask the court to decide the sum and not allow defense lawyers to decide.
The court ruled that the sureties are no longer required to show evidence of owning properties worth the amount.
Nana Appiah Mensah is standing trial for defrauding by false pretense after his gold dealership firm which promised 10 percent returns per month, run into difficulties.
The scheme hasn’t paid customers either their returns or capital since September 2018, after the Securities and Exchange Commission (SEC) ordered them to stop taking more deposits.