UNSUBSTANTIATED CLAIMS: Dubai Court Rescues NAM1

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In face of the infamous Menzgold saga that continues to stir emotions of Ghanaians, the Chief Executive Officer of the gold-trading firm is alleged to have had his cash-retrieval case against one of his clients upheld.

A Dubai high court has allegedly maintained its stance on an earlier ruling, ordering Royal Horison, an United Arab Emirates firm to pay Menzgold CEO, Nana Appiah Mensah an amount of $39 million, owed the Ghanaian businessman.

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According to some media reports, the alleged court ruling yesterday ordered the Asian firm to also pay the Menzgold CEO compensations for the duration in which he had been incarcerated in Dubai after charges levelled against the Ghanaian businessman were deemed allegedly porous by the court.

This news though yet to be confirmed, comes with relief to the embattled businessman whose flawed business practices in Ghana had earned him a tattered image with hundreds of  customers of Menzgold choking for their locked monies.

Royal Horison, who is said to be displeased by a previous court ruling  in April in favour of Nana Appiah Mensah and Menzgold, allegedly filed an appeal to overturn the ruling but the court said yesterday that the appeal lacked merit.

BACKGROUND INFORMATION

Menzgold CEO Nana Appiah Mensah allegedly travelled to Dubai  last year in a claim to retrieve some monies owed him by the Dubai-based firm after some business engagements. Some media reports claimed however, he was arrested on arrival by security forces after a report by Royal Horizon that the Ghanaian businessman had defrauded them to the tune of $51 million.

The Emirati company allegedly then filed a case against Appiah Mensah in a Dubai court asking the court to take out the $28 million they owe the Ghanaian from the alleged $51 million the Ghanaian owes them and compel Appiah Mensah to pay the outstanding balance.

Appiah Mensah also allegedly counter-sued his Emerati partners, pressing on a Dubai court to claim his $28 million for him since, according to him, the matter of the $51 million fraud against him was false.

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The alleged court ruling yesterday, upheld his claims of victimization, asking his Emerati partners to pay his $28 million debt owed after the gold trading which is now $39 million as current rates stand.

This sets the tone for a series of follow-up legal cases for Nana Appiah Mensah with clients of Menzgold in Ghana up in arms over their unpaid returns of investments.

 

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