NAM1 Wins Dubai Case, Awarded Sums of US Dollars

Menzgold CEO Nana Appiah Mensah, also known as NAM 1, has had a case against him dismissed in an ongoing trial in Dubai where he was accused of fraud.

The criminal charge of misdemeanor in Dubai which was equivalent to a Second Degree Felony in Ghana against him was off his neck by a court pronouncement Tuesday Morning.

According to information available to thepublisheronline, the court has ordered payment of money necessary to him by the company at the shortest possible time.

NAM1 has been held on remand at the Al Barsha police cell since November 2018 over a gold deal gone bad.

Background

The woes of Menzgold began after the Securities and Exchange Commission (SEC), in a letter dated September 7, 2018, directed it to suspend its gold trading operations with the public.

SEC, at the time, said the directive was based on the fact that Menzgold had been dealing in the purchase and deposit of gold collectibles from the public and issuing contracts with guaranteed returns with clients without a valid licence from the commission.

The regulatory agency averred that the move was in contravention of Section 109 of Act 929 with consequences under Section 2016 (I) of the same Act.

Several customers of his defunct gold firm have on several occasions demonstrated in Accra, Takoradi and Tarkwa calling on government to intervene and help them retrieve their locked up cash