Menzgold customers to receive their investment as NAM 1 wins court case in Dubai

Adnan Adams Mohammed

Customers who invested in Menzgold are likely to recoup all or parts of their locked up investment in the company which have been closed down for some months now, after the regulators of the Ghanaian financial market (Securities and Exchange Commission and Bank of Ghana) challenged their operational modalities.

This resulted in the company facing financial challenges in paying it’s customers back their investments. This pushed the CEO of Menzgold Nana Appiah Mensah popularly known as ‘NAM 1’ to chase his monies owed him to be able to pay his customers.

It was unfortunately announced to the frustrated that, he was arrested in line with an alleged fraud dealings with a company based in Dubai and was processed for court.

However, the news trickling in Tuesday morning indicates that, he has won his court case in Dubai.

The court which pronounced judgment, also ordered the company, with which he had issues, to pay him all outstanding debts, Starrfm.com.gh has learnt.

NAM 1 has been in Dubai cell since November 2018 over a gold deal gone bad.

A Dubai-based businessman reported Mr Mensah for fraud in May 2018. Unaware that he was on the Dubai police’s wanted list, Mr Mensah went to the Emirates with the hope of receiving a huge amount of money due him as a result of his earlier transactions with the Emirati, only to be arrested when he presented his passport to undergo immigration formalities.

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.