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Universal Merchant Bank Refutes Ties To Ibrahim Mahama

The management of Universal Merchant Bank, (UMB), has strongly refuted every association with businessman, Ibrahim Mahama, younger brother of ex-President John Dramani Mahama.

In a four-page letter sent to the The Herald, the bank said in parts, “we state categorically that Mr. Ibrahim Mahama is neither a shareholder of UMB, nor does he have a direct or indirect relationship or association with the bank and its shareholders”.

The bank, previously owned by the state, recently earmarked some US$100 million to the Akufo-Addo government to support its One-District-One-Factory industrialization initiative.

The bank, formerly known as Merchant Bank, says the boss of Engineers and Planners (E&P), has no single shares in UMB; neither does he have a direct or indirect relationship or association with the bank and its shareholders.

The Board of Directors of the bank led by chairperson, Betty Zormelo, during a courtesy call on President Nana Akufo-Addo at the Flagstaff House, announced UMB’s contribution to the government’s one-district-one-factory initiate.

The Herald, had in it headlined of Monday April 3, 2017 stated “Akufo-Addo gets US$100Million from Ibrahim Mahama’s bank” after the E&P boss was accused by the then opposition New Patriotic Party (NPP) of being behind the company, Fortiz Equity Fund, which eventually bought the bank.

But the bank, according to a statement issued to this paper on Friday signed by director and legal, Ernest Gemadzie and director and marketing, Yvonne Botchey, was not happy about the story and would want it retracted and apology rendered.

The four page letter said in parts “We state categorically that Mr. Ibrahim Mahama is neither a shareholder of UMB, nor does he have a direct or indirect relationship or association with the bank and its shareholders.

We therefore, for these reasons, take the strongest exception to the publication and the negative implications, imputations and impression that it was intended to make”.

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