The CEO of Menzgold, Nana Appiah Mensah, popularly known as NAM 1, has won his court case in Dubai.
The court, on Tuesday, 9 April 2019, ordered Horizon Diamonds, the said company which had issues with the embattled Menzgold CEO, to pay him all outstanding debts, as source confirmed. NAM 1 has been in the custody of the Dubai authorities since November 2018 over a gold deal that went bad.
He was charged with fraud. Mr Mensah went to the Emirates to receive a huge amount of money to pay clients of Menzgold who have had their investments locked up with the company only to be arrested by the Dubai authorities.
A Dubai-based businessman reported Mr Mensah for fraud in May 2018. Unaware that he was on the Dubai police’s wanted list, Mr Mensah went to the Emirates with the hope of receiving a huge amount of money due him as a result of his earlier transactions with the Emirati, only to be arrested when he presented his passport to undergo immigration formalities. Over $23 million is involved in the deal.
Several customers of his defunct gold firm have on several occasions demonstrated in Accra, Takoradi and Tarkwa calling on government to intervene and help them retrieve their locked up cash.