Menzgold boss, Nana Appiah Mensah (NAM1), will appear in court for the third time in Dubai on Thursday, February 14, where he is facing a misdemeanour charge over a US$23 million deal which went bad.
The CEO of the embattled gold trading firm is reportedly being held on remand at the Al Barsha police cell as he goes through trial over the charge.
According to a report YEN.com.gh sighted from the Ghana News Agency (GNA), the criminal charge of misdemeanour in Dubai is equivalent to a second degree felony in Ghana and if found guilty he could spend up to two years in prison.
Citing sources familiar with the United Arab Emirates justice system, the GNA report indicated that NAM1 could also face civil charges from the complainant, who is seeking to retrieve 23 million dollars and his failure to pay that money could earn him an additional three-year jail term.
Nana Appiah's arrest in the Emirates followed a complaint of fraud to the police by a Dubai-based businessman against NAM1 and eight of his business partners which was reportedly lodged in May 2018.
NAM1 and his colleagues' names were, consequently, put on the UAE’s Police list of Wanted People on May 24, 2018.
But unaware of this, Nana Appiah, responded to an invitation, but on his arrival in Dubai, on Friday, December 7, 2018, he was arrested at the airport.
He was first sent to court on Wednesday, January, 30, 2019.
The news of Nana Appiah’s arrest in Dubai only came to light after the Criminal Investigations Department of the Ghana Police Service got a warrant of arrest from court on Wednesday, January 9, for his arrest on charges of defrauding by false pretences and money laundering.
NAM1's Menzgold has been under pressure to pay back the investments of thousands of customers, who have since September 2018 been unable to access both their interests and principal.
Meanwhile, the Economic and Organised Crime Organisation has secured a court order freeze the properties of Menzgold and its associated companies including Zylofon Media as authorities find ways to get some of NAM1's assets to pay back customers' monies.
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