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DAILY GUIDE, a source close to NAM1, explained how the Dubai authorities arrested Menzgold's leader on 7 December 2018 when he arrived in the country.
What happened?
According to the source, someone reportedly presented to Menzgold gold supply managers, belonging to an Emirati company, Horizon Royal Diamond.
NAM1, according to the source, would have traded normally with the Arab company via its threatened Menzgold for a while.
Unfortunately, the source said that Menzgold had been slow to provide gold to Horizon Royal Diamond at one point, which apparently made the Arabs unhappy.
The manager of Horizon Royal Diamond, whose name is simply Daniel and based in Dubai, has asked a representative of his group, a certain Zacca, who is an Angolan, to go to Ghana to find out why Menzgold was delaying in the supply of gold to the Dubai-based company.
Upon arriving in Ghana, Zacca reportedly visited NAM1 in his office, where he allegedly met a Nigerian, Ayodele, and a Ghanaian, Charles, who would be the trading partners of Menzgold's boss.
After meeting with NAM1, he reportedly had talks with Nigerians and Ghanaians, unknown to NAM1, who had promised to supply Sierra Leone gold at a lower rate than Horizon Royal Diamond compared to what Menzgold would offer. at the time.
loses
Zacca reportedly contacted his boss Daniel in Dubai to inform him of the new deal. In the blind of NAM1, they reached an agreement with the Nigerians and Ghanaians, but they failed to provide the gold of Sierra Leone as promised, resulting in losses of 51 million dollars. at Horizon Royal Diamond.
pleadings
After suffering the misfortune, the leaders of the Dubai-based company would have returned to NAM1 to revive their activities.
They apologized to him, saying, "Let the past be past."
NAM1 agreed to trade with them again and started supplying them, but they did not pay as expected, according to the source.
As a result, the source said the Dubai company owed Menzgold about $ 30 million.
Joint Venture
The source said that after unsuccessfully trying to get Sierra Leone out of the gold, Horizon Royal Diamond officials have proposed to NAM1 a partnership in the framework of the project. a joint venture to acquire a gold mine called Oware in the Ashanti region.
NAM1 subsequently agreed to commit $ 2 million to begin the acquisition process, while Horizon Royal Diamond is committed to inject $ 100 million into the project. exploitation of the mine.
Audits conducted by DAILY GUIDE revealed that the move was intended to ensure a steady supply of gold to Horizon Royal Diamond.
However, when the plans did not materialize, NAM1 would have bought gold from small miners across the country.
Initial visit
According to the source, with the onset of the Menzgold crisis in his country, one of NAM1's lawyers (undisclosed name) decided to travel to Dubai in order to bring the Arab society to settle its debt to Menzgold to pay his restless customers Ghana.
Upon his arrival in Dubai last year, the lawyer was unable to charge the company, which would have refused to honor his financial obligations to Menzgold.
This trip would have been paid by Horizon Royal Diamond.
Legal fees
According to the source of DAILY GUIDE, Menzgold's lawyer was forced to hire a "local" lawyer in Dubai to recover the money from his company.
As a result, the Dubai lawyer charged Mr. Menzgold $ 1.8 million in legal costs.
However, Menzgold's lawyer told his Dubai counterpart that his company could not pay such an amount initially, but he noted that if the lawyer managed to recover the money for Menzgold Ghanaian society could give it more than that.
This arrangement apparently did not work and Menzgold 's lawyer returned to Ghana by December 2018.
Meanwhile, in December 2018, Menzgold's lawyer visited Dubai again, but this time, he went there for a private visit unrelated to the problem.
Arrest plot of NAM1
According to DAILY GUIDE's source, NAM1 contacted his lawyer to find out where he was and told him he was in Dubai.
NAM1 reportedly ordered the lawyer to wait in Dubai to see how they could work best to recover the $ 30 million Arabs.
According to the source, the lawyer would be obliged but unknown to NAM1, officials of Horizon Royal Diamond have submitted his name to the Dubai immigration agents for him to be arrested upon his arrival in the country.
NAM1 was unable to meet with the lawyer because he was arrested by Dubai authorities on his arrival on December 7, 2018.
In addition to Horizon Royal Diamond, another Arab, whose name was given only to Ahmed, owes NAM1 $ 3 million.
He reportedly undertook the trip to recover the money needed to pay angry customers in Ghana.
The source said Horizon Royal Diamond had reported against NAM1 apparently to "destroy" him so he kept the money.
DAILY GUIDE learned that EOCO, the anti-corruption agency, had invited him after the Securities and Exchange Commission (SEC) and the Bank of Ghana (BoG) had filed suit against him.
Sources told the newspaper that EOCO had not asked NAM1 to present his pbadport.
The government delegation urged
A very powerful government delegation composed of Deputy Attorney General Joseph D. Kpemba, representatives of the Office of the Fight against Organized and Economic Crime (EOCO) and the Ghanaian police went to Dubai to meet with NAM1.
The source pointed to the need for the Ghanaian government to ensure the recovery of the amount owed to Menzgold to help the company pay its angry customers.
At the same time, Eugene Arhin, director of communications of the presidency, denied the report of the government daily DAILY GRAPHIC that President Akufo-Addo has summoned an emergency cabinet meeting after NAM1's arrest. .
How the crisis started
Menzgold's troubles began after the Securities and Exchange Commission (SEC), in a letter dated Sept. 7, 2018, orders it to suspend its gold trading operations with the public.
At the time, the SEC had stated that the directive was based on the fact that Menzgold had engaged in the purchase and deposit of gold collectibles from the public and had pbaded Guaranteed return contracts to customers without a valid license from the Commission.
The regulator claimed that the move violated Article 109 of Law No. 929, resulting in consequences under Section 2016 (I) of the same law.
Menzgold was, however, allowed to continue its other badaying activities, buying gold from artisbad miners and exporting gold.
Clients began demanding their investments gradually at the beginning of the legal battle against SEC, but the situation worsened after Menzgold initially declared that he could not pay his customers because of the SEC directive.
He later said that he had started paying some of his clients.
A source at the time told DAILY GUIDE that the percent payment schedules were grouped into 100%, 50%, 30%, 20% and 15%, respectively.
But customer payments did not go as planned, forcing customers into a major protest on January 8, 2019 in Kumasi, which forced the government to step in.
However, according to the source of DAILY GUIDE, Menzgold has between 46,000 and 48,000 customers and not 1.8 million as previously stated.
Again, the source indicated that Menzgold owed his clients $ 50-60 million, not $ 200 million, as was speculated.
The source insisted that Menzgold was not a Ponzi scheme, as the public suggests, adding that NAM1 was a businessman who had created the company to make real business.
NAM1, the source added, was trying to recover money owed to him to pay the customers before his arrest.
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