UT Bank receivers drag Ibrahim Mahama to court over GH¢358.8 million debt

UT Bank receivers drag Ibrahim Mahama to court over GH¢358.8 million debt

- Ibrahim Mahama was reportedly owing the defunct UT Bank a sum of $302 million leading to its collapse

- A new report suggest that the real amount is $358 million

- UT Bank receivers have thus dragged Mr. Mahama to court over the debt

After the UT Bank’s collapse somewhere last year, businessman Ibrahim Mahama, also brother to former president John Mahama, was reportedly owing the bank to the tune of $302 million.

According to reports, this amount was a leading factor in the collapse of the former vibrant UT Bank.

In a new report sighted by YEN.com.gh on Graphic.com.gh, it has been gathered that the actual amount Mr. Mahama owed the bank is GH₵358.8 million.

Mr. Ibrahim Mahama. Photo credit: Facebook
Mr. Ibrahim Mahama. Photo credit: Facebook
Source: UGC

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It is in this vein that receivers of UT Bank have dragged Ibrahim to court in order to get him to repay all the loans with interest.

According to court documents which were filed on May 22, 2018, four companies owned by Mr Mahama owed the bank outstanding loan repayment balance of $35.7 million and GH¢189.1 million when the bank’s licence was revoked in August 2017.

The companies are Dzata Cement Limited, $35.7 million; MBG Limited, GH¢83.1 million; Holman Brothers Limited, GH¢86.4 million, and Engineers and Planners, GH¢19.6 million.

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The receivers, Mr Vish Ashiagbor and Mr Eric Nipah, who sued in their capacity as joint receivers, are thus praying the Commercial Division of the High Court to order the companies, through Mr Mahama, to pay up the loans with interest.

According to the report, a writ of summons issued on behalf of the receivers by Mr Joe Aboagye Debrah, an Accra-based legal practitioner, is praying the court to order the defendants to repay the outstanding loan amounts with interest.

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They are specifically praying the court to order the first defendant to pay interest on the loan amounts with effect from November 30, 2016 to date of final payment.

The plaintiffs are further praying the court to direct the second, third and fourth defendants to repay the amounts from June 30, 2017; October 31, 2017 and April 11, 2017, respectively, till the date of final payment.

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They are also seeking an order against Mr Mahama for the recovery of all outstanding amounts owed by his companies in pursuance of the personal guarantees he gave for the grant of the loan facilities.

Damages for the breach of contract between Ibrahim and the bank, costs and any other relief the court might deem fit are also being sought by the receivers on behalf of the defunct UT Bank.

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Source: YEN.com.gh

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