Management and staff of gold dealership firm Menzgold, are in an ecstatic mood after their Chief Executive Officer (CEO), Nana Appiah Mensah, prevailed in an appeal case brought against him by his business partners in Dubai, United Araba Emirates (UAE).
The jubilation, is over last Tuesday’s victory in a Dubai court. The court, had affirmed its judgement in May this year, which cleared Mr Mensah, popularly known as NAM 1, of any wrongdoing alleged byHorizon Royal Diamonds.
According to media reports, the court, also ordered the company to immediately take steps to pay the US$39 million debt owed the Ghanaian businessman.
The court at its sitting on Tuesday, also ordered the company to pay NAM1 compensation for the period he was incarcerated in Dubai.
The now freed Menzgold boss, according to The Herald’s sources, is making arrangements to return to Ghana once Horizon pays the money.
Tuesday’s ruling follows Mr Mensah’s continuous retention in Dubai cells, even after he won the case because his aggrieved partners Horizon Royal Diamond went for an appeal.
Government of Ghana in the course of the trial also issued an INTERPOL RED alert notice on him making it impossible to leave the shores of the UAE.
However, in the midst of what appeared initially very gloomy, NAM 1, has withered the storm necessitating a press statement from the staff and management expressing their joy over the latest report.
The statement said, the court affirmed it earlier acquittal and discharge verdict of their boss, leading to it dismissing both criminal and civil claims by Horizon Royal Diamonds.
“Amongst 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 against our Chief Executive Officer.
We hereby congratulate our Chief Executive Officer, loyal staff, and cherished customers. Our Emirati and Ghana legal teams and the Ghanaian general public, for keeping faith in us”, the three paragraph statement issued yesterday said.
Recall that a Dubai-based businessman reported Mr. Mensah for fraud in May 2018.
Unaware that he was on the Dubai police’s wanted list, the Menzgold CEO, 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 the government to intervene and help them retrieve their locked-up cash.
It is anticipated that now that he is out of the woods, he will fly back to Ghana, to pay off his customers some of whom even have died as a result of his arrest and the locking up of their moneys.