Nana Appiah Mensah, aka NAM1
A Dubai Supreme Court has thrown out a case by Horizon Royal Diamonds against embattled Chief Executive Officer of Menzgold Ghana—Nana Appiah Mensah, aka NAM1.
A source close to NAM1 confirmed the decision of the Emirati court to DAILY GUIDE yesterday. He had earlier expressed joy about the decision of the court in his favour in a post on social media.
The case involves a purported $39 million owed NAM1 by the Dubai-based firm—Horizon Royal Diamonds—through a gold deal.
NAM1 is said to be striving to have the company pay his debt to enable him to also settle Menzgold customers in Ghana.
He was arrested in December 2018 in Dubai when he visited the Middle East country to collect his debt. He faced trial in Dubai and was released in July but was handed over to the Ghanaian authorities by Interpol on his return to Ghana.
He was subsequently put before a Circuit Court in Accra along with his sister and wife charged with 13 counts of defrauding by false pretences, money laundering, abetment and carrying on deposit-taking business without licence.
His companies—Menzgold Ghana Limited and Brew Marketing Consult Limited—have also been charged with seven counts of defrauding by false pretences, and carrying on deposit-taking business without licence.
NAM1 on July 26 pleaded not guilty to all the charges and the court presided over by Jane Harriet Akweley Quaye, who initially granted him bail to the tune of GH¢1 billion (about $185 million) with five sureties, three of which were to be justified, later varied the bail terms to enable NAM1 to extricate the bond.
Appeal
When he was released on bail, he held a news conference to ‘explain some issues’ and even appealed to the government to assist him retrieve the $39 million.
With the latest twist in the legal battle in Dubai, NAM1 is highly likely to get his debt paid, apparently the reason why he seems elated at the Dubai’s Supreme Court ruling.
Before they were shut down, Menzgold Ghana reportedly had about 4,600 customers in the country.
The company’s woes started in September 2017 when the Securities and Exchange Commission (SEC) ordered it to halt its alleged illegal deposit-taking operations.
BY Melvin Tarlue