The Company reported to have lost its investment through a gold deal, Horizon Diamond Limited has refuted claims that Menzgold and its CEO Nana Appiah Mensah aka NAM 1 defrauded the company.

A release by the company has said NAM 1 and the company cannot be held liable for the bad deal and the list of funds it suffered.

The sources indicate that in 2016, an unnamed official of the Economic and Organised Crimes Office (EOCO) had 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 no 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.

But the company has refuted claims Menzgold defrauded it.

The statement issued said: “Menzgold Ghana 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 lead to a loss of Horizon Royal Diamond’s funds and that Menzgold Ghana Co. Limited is not liable, cannot be held responsible for any claim whatsoever.”

“Horizon Riyal Diamond extends an invitation to Menzgold Ghana Co. Limited’s delegation to pay business visit to Dubai to discuss and conclude pending business relationship. Horizon Royal Diamond hereby undertakes and guarantees Menzgold Ghana Company Limited’s delegation best hospitality and security whilst in Dubai.”