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Thread: Mahama never stopped Merchant Bank from recovering loan from Engineers and Planners –Ayariga

  1. #1
    Super Moderator Dotyaw's Avatar
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    Jul 2010

    Default Mahama never stopped Merchant Bank from recovering loan from Engineers and Planners –Ayariga

    Information Minister, Mahama Ayariga has denied claims the president prevented Merchant Bank from recovering a debt owed it by Engineers and Planners, a company owned by Ibrahim Mahama, brother to the president.

    “There was no attempt by the president to stop Merchant Bank from recovering its loan from Engineers and Planners” he stressed.

    Mahama Ayariga’s comment comes after it emerged that officials of Merchant Bank were questioned by President Mahama as they attempted to recover a debt of 38 million dollars from Engineers and Planners.

    This was after lawyer for Engineers and Planners, Tony Lithur, petitioned the President on July 4, 2012 to intervene on behalf of the company. The Presidency then demanded explannation from the Board of the Merchant Bank on their loan recovery activities, especially in respect of Engineers and Planners.

    The Bank's board in a letter written to the president, a copy of which Joy News has sighted, described Engineers and Planners' debt as too substantial and has to be recovered. The letter said the debt constituted 30 per cent of its 50 per cent non-performing loan portfolio.

    The board, in that same letter, also referred to various meetings its chairperson had with President John Mahama and his predecessor, the late President John Mills explaining why they had to recover the debt and more importantly why they refused to release more funds to Engineers and Planners.

    With the imminent sale of Merchant Bank to Fortiz who have promised to recover only 30 per cent of debts owed by Merchant Bank, critics are accusing the presidency of scheming to have Fortiz take over Merchant Bank so that 70 per cent of all debts, including the ones owed by Engineers and Planners would be considered as bad debt.

    Joy News has also intercepted documents suggesting the presidency intervened in the loan recovery activities by Merchant Bank.

    But speaking on Joy FM’s Top Story Monday, Mr. Ayariga explained that President Mahama only intervened in the matter because lawyers of Engineers and Planners petitioned the presidency and not because the debtor is his brother.

    He added that, lawyers of Engineers and Planners believed the erstwhile Kufuor government unfairly varied the terms of the loan and so they sought an intervention at the presidency but nobody gave a directive to Merchant Bank not to recover their loan.

    “The president will not be an obstacle in any banks way in retrieving loan from people who have taken loans from them not even if they are his brothers” he noted.

    The Information Minister noted that Engineers and Planning could not pay back the loan because the terms of the contract were varied by the erstwhile Kufuor administration for political reasons.

    He described as unfortunate how the issue has been blown out of proportion when in fact the president’s brother is not the only one owing the bank.

    “People are trying to personalize and misrepresent this whole Merchant Bank transaction in relation to this loan the president brother took during the New Patriotic Party (NPP). Merchant Bank has so many people who have taken loans and have not been able to repay, why are we not talking about all those people?” he quizzed.

    Mahama Ayariga assured lawyers of Engineers and Planners are working around the clock to repay the loan.

    Source: myjoyonline.com

  2. #2


    The world does not need engineers and planners.

  3. #3

    Default Akufo-Addo – ‘Bankrupt’ Mahama will be rejected yet again in 2020 In Ghana

    The President mentioned Ghanaians have moved on from the stagnation and absence of development that they endured less than the erstwhile NDC government.

    According to him, Mahama has no record or insurance policies to defend and has been campaigning only on bankruptcy and negativity.

    Study ALSO: ‘Ghanaians preparing their thumbs to vote you out in 2020’ – Mahama tells Akufo-Addo

    “Bankrupt record, bankrupt potential, which is what we experienced below this leader (Mahama). We are not turning back again we are not turning back to the past of stagnation and no achievements. We are likely to go forward we are marching ahead,” Nana Addo reported.

    “The people who were being asleep when they were in a relaxed direct, only to wake up to come across that the region experienced rejected them, they are even now asleep. They will not wake up and see that Ghana has moved on,” he said.

    President Akufo-Addo was responding to John Mahama’s claims that God permitted the NPP to earn energy so that Ghanaians could take pleasure in the work done by the NDC.

    He went on to just take a swipe at his predecessor, insisting Mahama will be provided yet another big jolt when the NPP wins the 2020 polls.

    “We experienced a chief who has no report he can protect, who has no prescriptions for the foreseeable future, no procedures for the long run. We have never had any insurance policies coming from this leader about what is heading to come about in the foreseeable future below him.

    “Next calendar year, the individuals who are nonetheless asleep are heading to get a different massive jolt with an impending victory of the NPP government,” an optimistic Nana Addo mentioned.

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