Hope for Menzgold customers as NAM 1 wins appeal case in Dubai

Menzgold customers may heave a sigh of relief following the victory of Nana Appiah Mensah in the appeal case brought against him by Horison in Dubai Tuesday.

The Appeal court in Dubai affirmed the May victory of NAM 1, as the Menzgold CEO is popularly known, in its ruling. The court, according to Starrfm.com.gh sources, also ordered the company to immediately take steps to pay the $39 million debt owed Menzgold.

Starr News sources say the Menzgold boss is making arrangements to return to Ghana once Horison pays the money. This is in spite of the Interpol red alert notice on him.

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.