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General News of Monday, 21 August 2017

Source: peacefmonline.com

Ibrahim Mahama collapsed UT Bank – Wontumi alleges

The Ashanti regional Chairman of the New Patriotic Party (NPP) has accused businessman, Ibrahim Mahama of collapsing UT Bank.

Bernard Antwi Boasiako popularly known as Chairman Wontumi noted that the business mogul and younger brother to Ex-President John Dramani Mahama used his 'political links' to secure huge amount of loans from the bank.

“He [Ibrahim Mahama] 'killed' Merchant Bank and UT Bank. He borrowed over $100m from UT Bank,” he alleged on NEAT FM’s morning show dubbed ‘Ghana Montie’ last Friday.

Just last week, Bank of Ghana revoked the license of two commercial banks - UT Bank and Capital Bank.

The action has been triggered by the inability of the two banks to turn around their negative capital adequacy position which has lingered on for some time now.

In simple language terms, the action has been taken against these affected banks due to their 'terrible' financial situation and their inability to perform within the banking industry.

It is believed that the continued encouragement of the operations of these institutions could endanger the banking industry as a whole and hence the action that was taken against them.