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General News of Tuesday, 15 January 2019

Source: ghpage.com

NAM1 could not raise the $1.4m bail set by Dubai court - Report

Ghpage.com has received an update on the arrest of Nana Appiah Mensah, CEO of the embattled gold investment company, Menzgold by Dubai authorities for fraud. According to the report, NAM1 has not been able to fulfill the bail conditions set by a Dubai court hearing the fraud charges against him.

NAM1’s bail amount was set at $1.4 million by the Dubai court but NAM1, Ghpage.com understand has been able to raise only $800,000. That is $600,000 short of the required amount.

Ghana police in a statement released a few hours ago today, 14th January 2019 confirmed Dubai authorities have reached out to Ghanaian authorities about the arrest of NAM1 in Dubi.

According to the press statement, Nana Appiah Mensah, the embattled billionaire millionaire was arrested on 7th December 2018 in a completely unrelated case from the Menzgold mess.

Horizon Royal Diamonds DMCC, an Arabic company based in Dubai filed a case of fraud against NAM1 leading to his arrest. However Graphic online reports NAM1 was rather chasing the company for his credit of $39m.

It not clear if NAM1 is doing everything he can to fulfill the bail conditions or not but Ghana Page is following the story and will report when there is any new development.