Menzgold CEO NAM 1 wins $39m case in Dubai

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

The Dubai high court hearing the case involving Menzgold CEO, Nana Appiah Mensah and his Arabian debtors, Royal Horison, has upheld its earlier ruling ordering the United Arab Emirates-based company to pay up $39 million owed the Ghanaian.

The court at its sitting on Tuesday over an appeal filed by Royal Horison also ordered the company to pay NAM1 compensation for the period he has been incarcerated in Dubai.

Royal Horison, feeling hard done by when the court ruled in April in favour of NAM and Menzgold, filed an appeal to overturn the ruling but the court says the appeal lacked merit.

Background

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.

Source: Daily Mail GH with additional files from Graphic Online


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