MP in GHc100, 000 loan fiasco

MP in GHc100, 000 loan fiasco

- The deputy minister reportedly used the money to complete market stalls

- The act, is believed to have contributed to his victory in the elections

- According to Newman, his bankers are demanding payment of the loan and its interest

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The deputy minister of Culture and Chieftaincy Affairs, who is also the Member of Parliament (MP) for the Jomoro constituency in Western region, Paul Essien, may soon be hauled before a court, YEN has learnt.

MP in GHc100, 000 loan fiasco

Deputy Minister of Chieftaincy & Culture, and MP for Jomoro, Paul Essien

He would be expected to answer questions on his role in a GHc100, 000 financial transaction secured for among other objectives, the purposes of getting him elected into office as an MP during the 2016 elections.

The interest on the amount was pegged at GHc40, 000.

The complainant, Newman, who is a businessman, reportedly secured the amount for the now MP, with the specific purpose of completing market stores at Tikobo No. 1 in Jomoro.

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That project is believed to have contributed to the MP’s victory in the elections.

YEN has again gathered that the loan was secured by Mr. Newman’s gratuity and a letter of comfort was issued by his bankers, as his employer.

The completion of the market stores was identified as the prime reason for the loan.

The written agreement, which accompanied this deal stated that the loan was to be repaid within a period of three months (Monday, 2nd January, 2016 to 2nd April, 2016) with additional interest.

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The MP has however declined to comment on the matter. He only stated that Newman was aware of the proper channels of complaints, so it behooves on him to adhere to them.

Though per the terms of the agreement, the interest on the loan was to be paid on a monthly basis, the principal was also to be settled by the end of the third month.

Newman stated that according to the contract, the lender has the right to take possession of the market stores if the debtor defaulted in payment.

The deal also gave the lender the right to take legal action in the event of non – payment of the loan and its interest.

Newman added that he is at his wits end, as his bankers are demanding he honours the financial obligations to them.

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Source: Yen.com.gh

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