Aid me to recover $39m Dubai debt – NAM 1 begs government

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Nana Appiah Mensah, Menzgold CEO
Nana Appiah Mensah, Menzgold CEO

Nana Appiah Mensah, the Chief Executive Officer of Menzgold, has implored the Attorney General’s Department to aid him to retrieve a $39million debt owed his firm by Horizon Royal Diamond in Dubai.

Speaking at a press briefing today in Accra, Nana Appiah Mensah, popularly known as NAM 1 made a series of requests of the government which he says will enable him to meet and service all his financial obligations and liabilities.

Firstly, he urged the government through the AG’s department to employ international law and diplomatic relations to enable him to service his debts to customers of Menzgold.

He also indicated that a “cease and desist” directive from the Securities and Exchange Commission means he has to mobilize assets, especially outstanding payments due his firm to meet the payment obligations owed to Menzgold traders/customers and other business associates.

He said: “All companies worldwide have liabilities in its books and so do Menzgold. Business, in summary, is all about owing and being owed. We at Menzgold are committed and do express our willingness to service our debts portfolios to our customers and business associates as soon as we can with a given opportunity.

“We respectfully pray the Ghanaian authorities to cooperate with us to achieve the following; to assist us to make full recovery of the amount owed Menzgold by Horizon Royal Diamond in Dubai. As an act of good faith, we are willing to engage the Attorney General’s office on the best possible way for them to aid Menzgold by employing international law and diplomatic relations to ensure we achieve this objective”.

NAM 1 also wants government to consider a highly imperative request to unfreeze his personal accounts as well as those of his companies to enable him meet his liabilities and pay off Menzgold customers.

“To unfreeze our Companies and my personal bank accounts and assets for us to utilize these as vehicles to get productive in other to meet our liabilities, owed to our customers and some business associates in our bid to resolve our liabilities immediately. As of now, Brew Marketing Consult, Menzgold and I cannot credit or debit any bank account in Ghana. This is why it is highly imperative to consider this kind request, as I believe, government shares in our resolve and would do all that which is needful in our quest to satisfy the populace, who are our customers”.

Dubai arrest and trial

Providing an insight into circumstances that led to his arrest in Dubai, NAM 1 stated that he was framed by Horizon Royal Diamond which owes Menzgold $39million.

He explained that Horizon Royal Diamond believed that Menzgold was doomed for closure, due to the unfavorable media reportage and customers protests in Ghana hence, tabled a bogus claim that they have been defrauded by the gold dealership firm.

“As it turned out with the “cease and desist” directive from the Securities and Exchange Commission, the need arose for us to mobilize Company assets, especially outstanding payments due to our company from several companies and individual buyers in several countries, particularly in the United Arab Emirates to meet the payment obligations owed to Menzgold traders/customers and other business associates.

“It was in this regard that I embarked on the pursuit of Company assets/debt recovery overseas. In the course of my pursuits, upon my arrival in Dubai on the 7th December, 2017, I was framed by one of the companies; Horizon Royal Diamond, which owes our Company 750kgs of gold, valued at usd$39,000,000 dollars, believing that Menzgold is doomed for closure, due to the unfavorable media reportage and customers protests in Ghana, hence, tabled a bogus claim that they have been defrauded by another Ghanaian Company; Just Gold Company Limited, with frivolous claims of the Just Gold limited having associations with our Company, which is very false”.

NAM 1 added that the subsequent action by the Economic and Organised Crime Office (EOCO) to freeze Menzgold and his personal assets further hardened the resolve of his debtors.

“The subsequent action by the Economic and Organised Crime Office (EOCO) to freeze Menzgold and my personal assets further hardened the resolve of some of our debtors who thought Menzgold was a thing of the past”.

Source: Daily Graphic

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