ACCRA — Receivers of collapsed UT Bank have sued former President Mahama’s brother and a prominent businessman, Ibrahim Mahama in a bid to recover more than ¢189m in loans his companies took from the troubled bank.
Two officials of Pricewaterhouse Coopers who were appointed by the central bank to take charge of the bank’s assets, also want $35.7m in loans which Ibrahim Mahama guaranteed for the four businesses.
The two loans are to be paid with interest, the writ issued at the Commercial Division of the Accra High court said.
Ibrahim Mahama who is a brother to former President John Mahama, owed the bank ¢302m, a facility that was extended to his four companies in ways that required UT Bank to bend over backward.
Ibrahim Mahama is the Executive Director and majority shareholder of Dzata Cement, Holman Brothers, Engineers and Planners, and MBG Ltd.
According to the suit, Dzata Cement owned by the businessman owes the defunct bank $35m. A financial autopsy report int the collapse of UT bank obtained by Joy News revealed Dzata Cement took ¢131.5m in loans.
Ibrahim Mahama has said Dzata Cement did not default in paying its loan. He explained, there was an agreement with the bank to begin repayments after the factory began operations and cement sales.
The cement factory had projected a daily revenue of one million cedis which the lawyers say could have cleared the loan under five years.
Dzata Cement factory was only 80% complete when the bank collapsed and was taken over by GCB Bank.
According to the suit, MBG Ltd also owes ¢83.02m, Holman Brothers owed ¢86.4m while Engineers and Planners owe ¢19.6m.
The Board of UT bank held at least three meetings over Ibrahim Mahama’s inability to meet his financial obligations.
At another meeting where the Board was expecting to meet Ibrahim Mahama, the businessman sent an emissary instead: Mr. Adi-Ayitevi.
The Board, according to the report, “felt slighted and disrespected by his actions” and “questioned his credibility as a businessman.”
The Board planned to have its chairman Mr. P.K Amoabeng meet President Mahama, his brother, Ibrahim Mahama, and a deputy Finance Minister “to discuss the way forward.”
There was also another meeting where the Board was desperate to collect the monies from the politically exposed client before the December 2016 polls.
Some 13 months after that meeting in June 2016, the Bank of Ghana withdrew the license of the local bank.