Embattled CEO of Menzgold Company Limited, Nana Appiah Mensah popularly known as NAM1 has won an appeal case brought against him by a Dubai-based company, Horizon Royal Diamonds.
The Supreme Court in Dubai on Tuesday, 2 June 2019 ruled that Horizon Royal Diamonds must refund $39 million worth of gold to Nam 1 supplied to them.
The 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 the company.
Though the amount in compensation will be determined by the court when the full ruling is released next week, lawyers of Nam 1 are expected to soon file for enforcement of the court ruling.
The latest ruling comes after Horizon Royal Diamonds appealed the decision by a High Court in Dubai about three months ago that ordered the gold trading company to refund $39 million to NAM 1 for gold he supplied to the company.
A Dubai-based businessman reported NAM 1 for fraud in May 2018 in Dubai. Unaware he was wanted by the Dubai police; NAM 1 went to Dubai to collect the $39 million due him after his transaction with Horizon only to be arrested for fraud.
Customers of his defunct company, Menzgold, have staged series of protest demanding a refund of their investment.
Many have dragged him and his company to court.