The Chief Executive Officer (CEO) of Menzgold Ghana Limited, Nana Appiah Mensah, famously known as NAM1, has all the earmarks of being making progress in the charges he is looking in Dubai.
The Appeals Court in the Emirati nation apparently maintained the absolution and release decision of the beset Menzgold supervisor, a sign that the various clients whose assets have been bolted up at the gold collectible firm may get something back very soon.
A Dubai-based gold firm – Horizon Diamonds Royal – which is accounted for to be obliged to NAM1 as much as $39 million had recorded the intrigue against a high court governing in Dubai.
NAM1 was captured in Dubai in December 2018 regarding a supposed fake gold arrangement.
An announcement issued by the board of Menzgold Ghana Limited yesterday stated,
“The appeal processes initiated by Horizon Diamonds Royal DMCC against the Executive Officer of our company, Nana Appiah Mensah, following his acquittal and discharge in the Dubai Court of first instance has been fully tried and completed.”
“Among others, the Dubai Superior (Appeal) Court upheld the acquittal and discharge verdict by the first instance court, consequently dismissing both the criminal and civil frivolous claims made by the appellant before them against our Chief Executive Officer,” it said
What was the deal?
NAM1's inconvenience in Dubai began after he was acquainted with authorities of an Emirati-based organization – Horizon Royal Diamond – for the supply of gold until some postpones enraged the Dubai organization overseen by a Lebanese.
Administrator of Horizon Royal Diamond, whose name was given essentially as Daniel and situated in Dubai, was said to have taught his delegate, one Zacca, who is accepted to be an Angolan, to discover what was causing the deferrals.
Be that as it may, upon his entry in Ghana, Zacca visited NAM1 at his office and there he met a Nigerian named Ayodeleor Ade and a Ghanaian called Charles – both were accepted to be the colleagues of the Menzgold supervisor.
After Zacca's gathering with NAM1, he allegedly had discourses with the Nigerian and Ghanaian, who guaranteed to supply gold from Sierra Leone at a less expensive rate.
Zacca educated Daniel in Dubai about the new course of action, and they achieved a concurrence with the Nigerian and Ghanaian without the learning of NAM1.
The two neglected to supply the gold from Sierra Leone as guaranteed, which drove Horizon Royal Diamond to lose $51 million simultaneously.
After the misfortune, authorities of the Dubai-based organization supposedly returned to NAM1 to 'restore' their business and even apologized to the Menzgold supervisor who purportedly acknowledged them back.
The source said the Dubai organization ended up obliged to Menzgold as much as $31 million.
Once more, the source demonstrated that after their bombed endeavor in getting gold from Sierra Leone, Horizon Royal Diamond authorities proposed to NAM1 for them to go into a joint endeavor (JV) course of action for the securing of a gold mine in the Ashanti Region called Oware.
NAM1 is said to have consented to the proposition and made a guarantee to infuse $2 million to initiate the obtaining procedure while Horizon Royal Diamond likewise swore to infuse $100 million into the activities of the mine.
The understanding, in any case, neglected to appear however supply from Menzgold proceeded, as NAM1 allegedly sourced gold the nation over.
Rundown of Customers
Day by day GUIDE examinations in February uncovered that there were a sum of 4,998 clients of Menzgold and not the assessed 46,000 as distributed before in the media.