Dubai court throws out Horizon Diamonds’ appeal against NAM1

The Dubai Supreme Court has thrown out the case between Horizon Royal Diamonds and Menzgold CEO Nana Appiah Mensah aka NAM1.

The embattled CEO was arrested and detained in Dubai for an alleged gold fraud case.

He won the case against Horizon Diamonds and the court subsequently ordered the firm to pay him $39 million.

There had been lots of back and forth with their court case but it looks like everything has come to an end now.

Nana Appiah Mensah could not hide his joy but share with the world the latest good news from his camp as the Dubai Supreme Court throws out the case by the Dubai first instance and Appeals court today.

Nana Appiah Mensah during a press briefing in August begged the government to assist in retrieving his $39m so he can pay the numerous customers he owes.

The government then asked him to officially write to them requesting their help to retrieve his alleged $39m.

About GH¢200 million of depositors cash is believed to be held up at the gold dealership firm.

Menzgold folded up last year after the Securities and Exchange Commission (SEC) ordered it to suspend its operation with the public. Several efforts by the customers targeted at the company to get their monies have failed to yield any positive results.

According to the Commission, Menzgold did not have the license to trade in gold collectibles and that doing so was in contravention of the Securities Industry Act, 2016 (Act 929)

NAM1 says he has tried all means to get cash and pay the aggrieved customers and one of such plans led him to UAE where he was arrested.

After several months, the court in the UAE ruled that Horizon Diamonds should pay NAM1 some $39 million for gold supplied.

NAM1 after the ruling returned to Ghana where he is facing charges for defrauding and has been granted bail worth GH¢1billion.

Source: primenewsghana.com