Pulse.com.gh logo
Go


Banking Crisis 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.

  • Published: , Refreshed:

Join the "kokonsa" clique.Don't miss a thing, get the latest updates to fuel your conversation daily

By signing up , you agree to our Privacy Policy and European users agree to the data transfer policy



Thank You! You have successfully subscribed to receive pulse.com.gh daily newsletter.

An audit report on the collapsed UT Bank has revealed how the board of the bank wanted to meet the then President of Ghana, John Mahama, over his brother's debt to the company.

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

READ MORE: How Ibrahim Mahama's GHC302M debt collapsed UT Bank

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.

READ MORE: Here is what BoG’s GHC1.4bn to UT and Capital Banks can do for Ghana

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.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Gov't postpones start of NABCO programme for the second timebullet
2 George Quaye’s resignation and the deepening woes of Menzgoldbullet
3 How to create a verified PayPal account Learn how to create a...bullet
4 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
5 Appointments Dr Hazel Berrard Amuah is new Human Resources...bullet
6 Ponzi schemes in Ghana These investments are Ponzi schemes in...bullet
7 Gov’t shouldn’t compensate ‘Ponzi scheme’ victims -Kofi Bentilbullet
8 Menzgold Issues Menzgold to pay customers in 90 daysbullet
9 How to write a memo How to write a memo like a probullet
10 Over 1 million Ghanaians have lost their jobs since...bullet

Top Videos

1 Former Capital Bank staff grills pork for survivalbullet
2 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
3 Support Finance minister buys Kantanka carbullet
4 Selorm Adadevoh MTN CEO dances Agbadzabullet
5 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
6 Money Alert Meet Africa's richest womanbullet
7 Plane Crash Starbow suspends operations following plane crashbullet
8 Forbes 2018 Africa's billionaires rich listbullet

Business

X
Advertisement