750kg worth of gold that is equivalent to 15 cement bags in weight, priced at $23 million and hedged to an amount of $39 million in today’s worth – NAM 1 gold shipment transaction value and quantum which has resulted in his arrest in Dubai.
So we have that much gold here in this country and we are still mining and have being mining ever since but gold never gets finished in Ghana with the many years of “galamsey”? Indeed Ghana is a Gold Coast and infact really blessed. Menzgold happens to be one of the many gold companies licensed by PMMC to export gold.
But why did the gold firm in Dubai, Horizon Royal Diamonds, give a written exoneration to Menzgold about the fraud involving $51 million between the firm and another company here in Ghana, Just Gold Company Limited, but still went ahead to arrest NAM 1 in Dubai?
I also think NAM 1 should have also being a bit smart and exercise some due diligence somewhere but I guess the desperation of wanting to make money to come and settle debts to Menzgold customers made him rush into this transaction without exercising the respective due dilgence. News is that NAM 1 is held by Dubai authorities since December 04, 2018 on the grounds of fraud linking him to Just Gold Company Limited, that defrauded Horizon Royal Diamonds $51 million.
I am even wondering how smart the Dubai Company itself is. I mean out of a transaction worth $51 million could they not send officials to come and supervise the transaction here in Ghana to make sure that the gold is shipped and arrives at Dubai safely. I mean how much at all does VISA, plane tickets and hotel bills cost that they could not send a delegation to come and witness the genuiness of the gold company in Ghana as to whether they actually exist?
Why would NAM 1 also allow himself to be fed with fake swift code and run to Dubai to claim the real money? Have you not dealt with this firm before? And normally in international transactions like this, should you not seek letters of credit and confirmation from an internationally accredited bank before you ship the gold to the company in Dubai? I think the bankers of Horizon Royal Diamonds should have dealt conclusively with the bankers of Menzgold to establish the concrete evidence of the fund transfer before the gold shipment or an evidence of the bill of lading for goods shipment should have moved in tandem with the letter of credit from the Dubai bankers.
I am wondering how he had to ship the gold first before realising he had been given a fake bank swift code? It just does not make sense and something is missing within the details. So now NAM 1 had to travel to Dubai having received this fake code for what in particular? And why must he travel there himself? Or he wanted to use the opportunity to escape the heat in Ghana? Since he had reported the fake swift code to EOCO who recommended him to Horizon Royals Diamond, why did EOCO officials not go with him to Dubai since they are privy to the transaction? Why did he go to Dubai alone without EOCO’s backing? In someone’s foreign land anything can happen to you especially when the company you are dealing with has been defrauded by Just Gold Company which I doubt is in existence.
Was NAM 1 privy to the transaction between Horizon Royal Diamonds and Just Gold Company or perhaps connected to anybody in this dubios company in anyway? Why should NAM 1 simply rely on an A4 sheet document that disassociates him to Just Company to risk his gold merchandize and his life to deal with the Dubai Company and travel there himself? Pressures can make us make huge mistakes if we are not careful.
Now I heard Dubai and Ghana does not have any treaty signed that allows them to extradite their nationals to be tried in their home countries so the high powered delegation from government to Dubai are just going to rely on a 2010 mutual legal assistance ACT passed by parliament to negotiate his release for him to face justice in Ghana.
Is NAM 1 going to be released by UAE to be tried here in Ghana or they might refuse the high powered government delegation and try him there? What is his offence to Horizon Royal Diamond since he has an undertaking from them disassociating him from any fraud related to Just Gold Company? Or is he being held as a scape goat by these Dubai authorities?
Is NAM 1 going to be released in Dubai and is he coming back as a free man or to face criminal charges here? How would he also handle the case of the Menzgold customers now that they are demonstrating for their monies and government says it won’t pay them a pesewa? If he is released from Dubai, is he coming home at least with the $39 million for the 750kg worth of gold supplied to Horizon Royal Diamond Company or it is going to be a revenge trading by the company to recoup part of the $51 million they lost to Just Gold Company? Will NAM 1 be able to pursue any case against Horizon if he even secures a release based on the document that exonerates him from fraudulent association with Just Gold Company?
These and many more questions begs for answers but the truth is I don’t want to be in the shoes of NAM 1 right now because it seems his whole world has come crushing on him. Infact, if he is able to pull through all this, I will personally deliver to him a bardge as the greatest survivor and inspirator in the 21st Century.