The embattled CEO of Menzgold Company Limited, Nana Appiah Mensah (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 NAM1 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 by next week, lawyers of NAM1 are expected to soon file for enforcement of the court ruling.
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 NAM1 for gold he supplied to the company.
A Dubai-based businessman reported NAM1 for fraud in May 2018 in Dubai. Unaware he was wanted by the Dubai police, NAM1 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 several protests demanding a refund of their investment.
Many of such clients have dragged him and his company to court.