NAM1 to sue Horizon Royal Diamonds for his $28m

The embattled Chief Executive Officer of the now-troubled gold-trading firm, Menzgold Ghana Limted, Nana Appiah Mensah, (NAM1) intends countersuing Horizon Royal Diamonds DMCC, a Dubai-based company he had business dealings with, which sued him in an attempt to retrieve some $51 million from him.

The Ghanaian CEO had gone to Dubai late last year hoping to retrieve some $28 million (now $39 million in current gold value terms) owed Menzgold by the Dubai-based company for gold supply.

He was, however, arrested by the Dubai authorities in December 2018 following a report lodged with the authorities by the company that he had scammed them of some $51 million dollars.

The Emirati businessman who owns Horizon Royal Diamonds DMCC, therefore, prayed the court to defray the company’s $28 million indebtedness to NAM1 with part of the alleged $51 million and to further compel the Ghanaian businessman to pay the company the balance of $23 million, according to the Public Relations Officer of Menzgold, Nii Amarh Amarteifio, who spoke to Benjamin Akakpo on Class91.3FM’s Executive Breakfast Show on Wednesday, 11 April 2019.

The court, however, dismissed the case in favour of NAM1.

Mr Amarteifio said NAM1 will, thus, countersue Horizon Royal Diamonds DMCC in the coming days in an attempt to get his $28 million.

He said: “Nana Appiah is now going to prefer charges against the man [Horizon Royal Diamonds] because the company owes him $28 million per the agreement that we’ve signed with them.

“So, by this week or next week, the lawyers will put the case together and then they will file it appropriately in the court and then the case will start. So, we are now saying the company will now have to pay us $28 million. Per the agreement, the company was supposed to pay us in existing gold price and when we calculated, it was almost $39 million but everything will be before court when we file our case.”