The receivers of the collapsed UT Bank have dragged a businessman, Mr Ibrahim Mahama, and four of his companies to court for owing the bank GH¢358.8 million.
According to court documents, Mr Mahama’s companies owed the bank outstanding loan repayment balance of $35.7 million and GH¢189.1 million as of the time the bank’s licence was revoked in 2017.
The licence of the UT Bank was revoked on August 1, 2017.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.
The receivers, Mr Vish Ashiagbor and Mr Eric Nipah, who sued in their capacity as joint receivers, are praying the Commercial Division of the High Court to order the companies, through Mr Mahama, to pay up the loans with interest.
Writ
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.
The relief is 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.
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, costs and any other relief the court might deem fit are also being sought by the receivers on behalf of the defunct bank.
Statement of claim
According to the statement of claim accompanying the writ of summons, the defendants were at all material times customers of the then UT Bank.
It said Mr Mahama was the Executive Chairman/Director of the companies, which were all registered in Ghana.
The statement of claim also averred that Mr Mahama was the majority shareholder of the four companies.
It said then UT Bank, over a period of several years, commencing from about 2012, granted the loan amounts to the defendants.
According to the statement of claim, Mr Mahama was the “driving spirit” and owner of the four companies that owed the bank.
The statement of claim further stated that several meetings had been held between Mr Mahama and representatives of the four other defendants in a bid to recover the outstanding loan amounts but all promises by the defendants to redeem the outstanding loans had not been fulfilled.
“The plaintiffs say that the defendants will not pay the outstanding loans unless compelled to do so by the fit of the honourable High Court,” the statement of claim added and, accordingly, prayed the court to grant the reliefs being sought against the defendants.
Source: Daily Graphic
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Time will tell
Oh now we know why his brother is doing what it takes to come back to power and IT WILL NEVER HAPPEN. NEVER NEVER will these ***barred word*** come back and steal and steal and steal and write dud or fake checks and steal our bauxite. ***barred word***! Ole! Djolc! The Mahamas. when a frog dies there we go know its full length. ***barred word*** korcnfoc!!! Jail him
Yes, that is why his brother JDM wants to return to power to enable the family to continue their borrowing without paying back. There is no way JDM can, for second time, become the president of Ghana. The man eats corruption, dreams corruption and prays for corruption.
edey roll come small small. everyone will see his/her smoothness level
A vote for your brother is a vote to return the Nyinahin bauxite deposit to your korrupt brother JD Mahama.
Rule of Law. Corrupt Leaders are to be ready.
@Nbk who should go and sue for you? you have details of why you want to sue. GO TO THE COURT AND SUE YOURSELF COWARD LIKE YOU
DURING THE 2016 ELECTIONS THIS MAHAMA WAS DASHING MONIES IN KUMASI LIKE HE WAS PICKING MANGOES ON THE GROUND.EVERY WHWRE HIS NAME WAS AROUND. GO TO CAR WASHING BASSIN,CAR DEALERS GARAGES,FITTING SHOPS, SUAME FITTING SHOPS,MARKET PLACES, ECT, ECT.HIS NAME WAS ALL OVER KUMASI.YOU OWN A BANK OVER 300 MILLION CEDIS AND YOU WERE STILL DASHING MONIES FOR YOUR BROTHERS CAMPAIGN I PITY THIS YOUNG MAN.LET THE LAWS OF GHANA DEAL WITH HIM DRASTICALLY AND LET HIM SEE HIS SMOOTHNESS LEVEL WHEN HE WANT TO DO POLITICS AS A BUSINESS MAN.
because mahama is his brother he borrowed from many banks and never paid. he never paid dutes on any imported goods and vehicles. mahama want to come back and continue with this ... no. it should even have been Bandk of Ghana championing this but no . why/
THIS NEEDS TO BE PUNISH BECAUSE HE HAS DONE ENOUGH DAMAGES TO THE BANKING SECTOR.COLLAPSING TWO BANKS IN GHANA IS NOT EASY.