CID interrogates NAM1

The Menzgold boss arrived in the country early this morning from Dubai after being in detention since December 7, 2018 for allegedly defrauding a business partner there.

Sources at the Police CID claim NAM1 will be taken to court on Friday July 12 to secure his custody pending investigations into alleged offences.

Background

Last week, a Dubai court ordered Horizon Royal Diamonds to pay within three weeks, an amount of $39 million plus compensation for wrongful incarceration to NAM1 following a gold business deal between Menzgold and Horizon Royal.

The order followed an unsuccessful appeal by Horizon against an earlier ruling of the high court to pay NAM1 his due for the supply of gold.

Thousands of customers of Menzgold whose investments have been locked up with the company following the revocation of its operations have been waiting with bated breath for Horizon to make good its liabilities to enable them to receive their funds.