Gov't officials behind attempt to bring Prez Mahama's brother down

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Gov't officials behind attempt to bring Prez Mahama's brother down - Baako

Details: Parent Category: Our Country; Category: Politics; Created on Saturday, 29 September 2012 00:00; Published Date; Hits: 2242

Politics

29 September 2012

Gov't officials behind attempt to bring Prez Mahama's brother down - Baako

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Editor-in-Chief for the New Crusading Guide newspaper Abdul Mlik Kweku Baako has claimed that some “powerful” persons in government, are behind the linkage of President John Mahama’s younger brother to the supposed sale of Merchant Bank to First-Rand South Africa.

Kweku Baako will not mention names but insists some officials at SSNIT, Merchant Bank as well as some government functionaries are part of the problems being faced by Engineers and Planners.

SSNIT announced sale of its majority interest in Merchant Bank to First-Rand of South Africa as part of strategies to boost returns on its investments.

The bank also announced accepting a little over 176 million Ghana cedis from the second biggest finance group in South Africa to acquire 75 percent of its stake.

The controversial transaction has taken political turn with the opposition New Patriotic Party linking the sale of Merchant Bank to First-Rand of South Africa to failure by the former, to recover a Ghc57 million loan facility to Engineers and Planners, a mining company owned by President Mahama’s younger brother, Ibrahim.

The NPP held a news conference claiming Merchant Bank had been brought to its knees because it had written off the loan it granted to Engineers and Planners. Merchant Bank on Friday issued a statement to reject this claim.

“I am reliably informed that Bank of Ghana has not given approval to transaction because Fidelity Bank has put in a petition over lack of transparency in the transaction. Indeed the bird has whispered into my ears that the deal will not be approved.

There are people driving this transaction, and who almost consummated it and that is part of the problem… Ibrahim’s company, the E and P, its difficulties begun under the Kufuor administration, but the problem worsened under the NDC 3 administration, it is a fact,” Mr. Baako revealed on News File on Joy News and Joy FM on Saturday.

According to him, the purported sale of Merchant Bank to First-Rand of South Africa will come to naught. He said reliable information available to him has it that the Bank of Ghana will not give approval for the transaction.

“The people who are at Merchant Bank and SSNIT, the big guys who have been driving this transaction; they should listen carefully, it’s not gonna happen,” he assured.

From: Myjoyonline.com