Nana Appiah Mensah is the CEO of Menzgold
The Supreme Court in Dubai has dismissed the appeal case brought before it by Horizon Diamonds against embattled Chief Executive Officer (CEO) of gold dealership firm, Menzegold Ghana Limited, Nana Appiah Mensah, best known as NAM1.
This ruling comes after horizon Royal Diamonds appealed the decision by a High Court in Dubai at the Supreme Court. The High Court about three months ago ordered the gold trading company to refund $39 million to NAM 1 for gold he supplied to the company.
The Supreme Court in determining the case has ruled that Horizon Royal Diamonds must refund $39 million worth of gold to Nam 1 supplied to them. The ruling added that Horizon Diamonds must compensate NAM 1 for the period of eight months he has spent in Dubai prison as a result of the legal action taken against him by the company.
Announcing the ruling on his twitter page Thursday, Nana Appiah Mensah expressed his joy with the outcome of the case. He further suggested that the milestone reached is a good step towards fulfilling the wishes of his customers.
“Horizon Royal Diamond DMCC’s Supreme Court review of the Menzgold acquittal and discharge, by the Dubai first instance and Appeals Court has been thrown out today by the Dubai Supreme Court. WE BLESS GOD?. #RoadClearNow #Good2Great #Water2Wine#GhanaShallProsper?”, he wrote on Twitter.
Nii Armah Amarteifio, the Public Relations Officer to the embattled CEO of Menzgold has indicated that the lawyers of the gold dealership will meet very soon to decide on the next line action. He also assured the customers of Menzgold to remain calm as the management put measures in place to pay them back their monies.
A Dubai-based businessman reported NAM1 for fraud in May 2018 in Dubai. Unaware he was wanted by the Dubai police; NAM1 went to Dubai to collect the $39 million due him after his transaction with Horizon only to be arrested for fraud.
Customers of his defunct company, Menzgold, have staged a series of protests demanding a refund of their investment.