Hope for aggrieved Menzgold customers as NAM 1 wins $39m appeal case in Dubai
The embattled Chief Executive Officer gold dealership firm, Menzgold Ghana Limited, Nana Appiah Mensah, aka NAM 1 has won his appeal court case in Dubai brought against him by a Dubai-based company, Horizon Royal Diamonds.
The Supreme Court in Dubai on Tuesday, 2 June 2019 ruled that Horizon Royal Diamonds must refund $39 million worth of gold to NAM1 supplied to them.
The court has also reportedly ordered the Dubai-based company which called for his arrest and later prosecution, to pay him all outstanding debts.
Horizon Royal Diamonds appealed the decision by a High Court in Dubai about three months ago that ordered the gold-trading company to refund $39 million to NAM1 for gold he supplied to the company.
NAM 1 was being held on remand by the Al Barsha police.
He [NAM 1] faced a criminal charge of misdemeanour in Dubai which is equivalent to a Second Degree Felony in Ghana but has won in a court ruling.
Thousands of Ghanaians are anguished over the possible loss of their investments, estimated at millions of Ghana cedis in Menzgold, whose gold dealership business was unregulated, and thus was directed by the Security and Exchange Commission to stop receiving new deposits.
Source: Pulse Ghana