The Chief Executive Officer of gold dealership company, Menzgold, Nana Appiah Mensah has been released from police custody after meeting the bail requirements.
This comes on the back of the variation of his bail conditions by the circuit court on Tuesday.
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 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 one billion cedis but varied the surety conditions.
Judge Harriet Naa Akweley Quaye ruled that NAM 1 should provide five sureties but none of them needs to be justified.
The case has since been adjourned to September 3 2016.
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