The CEO of Menzgold Nana Appiah Mensah has secured another massive victory as the Supreme Court in Dubai has ruled that a gold trading company in the country must refund $39m to the Ghanaian businessman as well as mouth-watering compensation, Ghanaguardian.com can exclusively reveal.
The highest court in the Asian country rejected the appeal by Horizon Royal Diamonds on Tuesday and ordered them to pay back $39m worth of gold he had supplied the Dubai-based company.
The court also ruled that Horizon Royal Diamonds must pay a huge amount of money in compensation to Nana Appiah Mensah for the damage their actions have caused his reputation and businesses.
The Supreme Court added that the Ghanaian businessman must also be compensated for the eight months he has spent in the Dubai jail following the legal action taken by Horizon Royal Diamonds.
The amount in compensation will be determined by the court when the full ruling is released by next week.
The latest ruling came after Horizon Royal Diamonds appealed the decision by a High Court in Dubai about three months ago to order the gold trading company to refund the $39m the amount of gold Nana Appiah Mensah.
The ruling is huge boost for Ghanaian gold investment company Menzgold and their customers as monies to be paid to the owner of the company will be used to pay aggrieved customers of the Accra-based gold investment firm.
Menzgold customers had invested in the Accra-based company before the actions of the Dubai-based company and the subsequent actions by the Ghana government halted operations of the company.
Horizon Royal Diamonds appealed an earlier ruling in favour of Nana Appiah Mensah after they seized his $39m worth of gold he had supplied them as part of regular business he had done with them.
They caused his arrest in Dubai on 4th December last year when he went there to retrieve his money and sent him to court but the ruling body rejected their claims and ordered them to refund the money to the Ghanaian businessman.
His arrest coincided with pressure that was mounted on his company Menzgold by the Ghana government to close down the company bringing the firm to its knees through the freezing of the assets of the company.
Horizon Royal Diamonds had traded with Menzgold for several years before they went into another partnership with a Ghana-based company headed by a Nigerian.
When the Nigerian-led firm defrauded the Arab gold investors to the tune of $51m they accused Nana Appiah Mensah of knowing the people behind the firm even though he was in no way connected to them.
Fully aware that he was not involved with the Nigerian, the Ghanaian businessman continued to trade with them until they decided to seize his money in lieu of the $51m they had lost to the Nigerian.
Furious over the the decision to hold his money and hold him responsible for their loss Nana Appiah Mensah travelled to Dubai to retrieve his $39m but was arrested in the orders of the company who processed him before court.
But the court rejected the claims of Horizon Royal Diamonds and ruled in favour of the Ghanaian but they appealed the decision and now have no option than to pay the Ghanaian businessman his money.
Nana Appiah Mensah was freed by the court who ruled in his favour but the Interpol Red Notice Order placed on him by the Ghana government resulted in him being held.
With the final ruling being given in the UAE on Tuesday, the Ghana government has no option than to call for the Interpol Red Notice Order to be lifted on him to enable him collect his money to pay customers of Menzgold.
Last month management of Menzgold on government to revoke the Interpol Red Notice Order on their boss, Nana Appiah Mensah, to allow him recover the company’s funds from a Dubai Gold Company called Horizon Royal Diamonds.
The Ghana government claims it called for the Interpol Red Notice Order to prevent the businessman from disappearing in the wake of the agitation by Menzgold customers but without the much-needed freedom he would be unable to retrieve his money from Horizon Royal Diamonds to pay the aggrieved customers.
Nana Appiah Mensah is after a 750kg of gold worth $39 million from the Dubai company, which he intends to use in paying it’s customers.
”All customers and the general public should be advised that our Emirati, English, American and Ghanaian lawyers have forwarded a comprehensive to the government of Ghana regarding the recovery of the company funds from a Dubai Gold Company called Horizon Royal Diamonds,” they announced.
Amongst other pertinent issues raised, the gold dealership firm also called on the government to allow NAM1 freely communicate and meet some global business associates and partners who have expressed preparedness to assist financially in order to settle its customers.