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General News of Monday, 14 January 2019


Menzgold not liable for our $51m loss – Horizon Royal Diamonds

Nana Appiah Mensah is Chief Executive Officer of Menzgold Ghana Nana Appiah Mensah is Chief Executive Officer of Menzgold Ghana

Dubai-based Horizon Royal Diamonds DMCC, has denied having any connection with embattled Ghanaian gold dealership firm, Menzgold Company Limited and its CEO Nana Appiah Mensah.

In a statement, Royal Diamonds DMCC, said: “Menzgold Ghana Company Limited with its Chief Executive Officer, Nana Appiah Mensah is not in any way connected to Horizon Royal Diamond’s business dealings with Just Gold Company Limited that has led to a loss of Horizon Royal Diamond’s funds and the Menzgold Ghana Company Limited is not liable, cannot be held responsible for any claim whatsoever.

“Horizon Royal Diamond extends an invitation to Menzgold Ghana Company Limited’s delegation to pay a business visit to Dubai to discuss and conclude pending business relationship.

“Horizon Royal Diamond hereby undertakes and guarantee’s Menzgold Ghana Company Limited’s delegation best hospitality and security whilst in Dubai.”


It is reported that in 2016, an unnamed official of the Economic and Organised Crimes Office (EOCO) recommended Menzgold to officials of Horizon Royal Diamonds for the supply of huge quantities of gold. That recommendation came because, according to the sources, the Dubai company had been duped by some Ghanaians previously.

Horizon Royal Diamonds and Menzgold duly established contact, however, before the deal could be struck, persons privy to the discussions presented themselves to Horizon Royal Diamonds with the promise of a better deal, to which officials of the Dubai-based company fell for.

It turned out that Horizon Royal Diamonds alleged later that it parted with not less than $51 million for which no gold whatsoever was supplied.

Officials of Horizon Royal Diamonds later reverted to Menzgold’s Nana Appiah Mensah in 2018, to supply them the gold, upon which request he is said to have demanded an undertaking not to be linked to the transaction with Just Gold Company Limited, the company Horizon Royal alleges it paid the $51 million.

That undertaking duly arrived, spelling out Menzgold’s disconnection with the deal said to have gone bad and its lack of liability. Following that undertaking, Menzgold proceeded to supply 750kg of gold to Horizon Royal Diamonds, at an agreed price of $28 million at the time of supply.

“Per the arrangement between the two companies, it is now worth $39 million and Nana had gone there to facilitate the retrieval of the money when the SWIFT transfer account details the guys in Dubai provided turned out to be fake. He wanted his money to come and sort out the current situation with his company, but the guys rather reported him to the Dubai authorities accusing him of fraud. That is why he was arrested but God willing, he will be out by Wednesday to return to Ghana,” a source close to Nana Appiah Mensah told Graphic Online.

The source said Menzgold had duly reported the fake SWIFT detail to EOCO, insisting that “his arrest has nothing to do with Ghana police or Interpol; he only wanted his money to come and sort out Menzgold customers.”

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