Latest News Politics

Menzgold’s NAM1 faces fresh suit in Dubai

The troubles of Nana Appiah Mensah popularly known as NAM1, are not over yet as a Pakistani national has also sued him in a Dubai court over a one million dollar ($1m) debt.

A source in Dubai has told ABC News that, NAM1 had signed an agreement with an unnamed Pakistani national to settle his indebtedness to him by installment, but the civil court is yet to approve the alleged agreement.

The latest court case means that, NAM1 maybe in Dubai in the custody of Interpol longer than expected.

Meanwhile, our source has debunked claims that the appeals court in Dubai ordered Horizon Royal Diamond to pay NAM1 an amount of thirty-nine million dollars.

“I was in court that day, it is not true that NAM1 is to be given any Thirty-nine Million Dollars. The judge, Rasheed Mohammed Al-Sumairi, ruled that the appellant (Horizon Diamond) had failed to produce enough evidence to support its claim that, NAM1 owes the company the said amount”, the source said.

“NAM1 did not make a counter claim against the company, so how could the court have awarded that cost to him”, he queried.

“I was in Court but neither NAM1 and his lawyers nor Danny Joudeof of Horizon Royal Diamond were not present” the source added.

The Appeals Court reportedly upheld the acquittal and discharge verdict of the embattled Menzgold boss, an indication that the numerous customers whose funds have been locked up at the gold collectible firm might be getting something back very soon.

However, per the new twist, the customers may have to still hope against hope.

NAM1 was arrested in Dubai in December 2018 in connection with an alleged fraudulent gold deal and has since been in the Custody of Dubai authorities.

LEAVE A RESPONSE

Your email address will not be published. Required fields are marked *