UT Bank wanted to meet Mahama over brother's GHC302M debt

UT Bank, without proper banking procedures, advanced a loan facility of GHC305 million to four companies belonging to Ibrahim Mahama.

He failed to pay the loan as planned, the audit report said, leading to agitation by the board who held a series of meetings over the matter.

The audit report, which captured the ex-president's brother as a "politically exposed person," noted that the board felt "slighted and disrespected" by Ibrahim.

At a meeting, the board resolved to "exert external pressure" on him by holding a meeting with his brother, Mr Mahama.

It is unclear if the board had an audience with Mr Mahama, but Ibrahim finally showed up at an invited board meeting, after failing to honour an initial one extended to him.

When he appeared before the meeting, Ibrahim Mahama assured the board that he was "making every effort to pay the amounts outstanding from related companies."

In August 2018, the Bank of Ghana revoked the license of the Bank over its inability to turn around the negative capital adequacy position of the bank.


Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh