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 reports.
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 to 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 who had invested in the Accra-based company before the actions of the Dubai-based company and the subsequent action by the Ghana government halted its operations.
Horizon Royal Diamonds had appealed an earlier ruling in favour of Nana Appiah Mensah
Management of defunct gold dealership firm, Menzgold Ghana Limited have called 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.
A statement signed and issued on Monday by the Head of Communications at Menzgold, Nii Amarh Amartefio disclosed that 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.
More to follow soon
Source: Ghana Guardian