Managers of Universal Merchant Bank (UMB), formerly Merchant Bank (Ghana) Ltd, are livid over recent publication by The aL-haJJ in which Mr Ibrahim Mahama’s name was linked to the wholly owned Ghanaian bank.
UMB only recently snatched headlines when the bank’s Board, led by its Chairperson, Mrs. Betty Zormelo, pledged a whopping US$100 million to support President Akufo-Addo’s one-district, one-factory policy.
But, Managers of the bank, which was acquired by Fortiz Private Equity Fund in 2013, took strong exception to a publication in the Tuesday, April 4, 2017 edition of The aL-hAJJ.
The publication, among other things, stated that it was this same bank (UMB) which has pledged support for one of government’s flagship policies that Nana Akufo Addo and the NPP, then in opposition; accused former President Mahama of selling off to his younger brother, Mr Ibrahim Mahama.
A strongly worded rejoinder addressed to The aL-hAJJ by the bank’s Director of Legal Affairs, Lawyer Ernest Gemadzie and Director of Marketing, Yvonne Botchey, and copied to the National Media Commission and Board members of the bank stated in part “we wish to state for the record that this article and in particular, the heading is not only untruth, but it is also malicious and intended to damage the reputation and integrity of Universal Merchant Bank (UMB)”
The bank further stated that the younger brother of former President John Mahama who is also the Chief Executive Officer (CEO) of Engineers and Planners Ltd, Mr Ibrahim Mahama, is not a shareholder of the bank neither does he have any relationship with shareholders of the bank.
“In addition, we state categorically that Mr Ibrahim Mahama is not a shareholder of UMB, neither does he have a direct or indirect relationship or association with the bank and its shareholders,” the statement added.
According to the statement, Managers of the bank “take the strongest of exceptions to the publication and the negative implications, imputations and impressions that it was intended to make.”
For linking Mr Ibrahim Mahama’s name to UMB, its managers are also demanding The aL-haJJ “retract the story immediately and issue an apology to be published in the same newspaper and related website with equal prominence as the original defamatory story.”
The aL-hAJJ in a recent publication titled “Ibrahim’s ‘Bank’ Gives Akufo Addo Us$100m …for his 1 district, 1 factory policy” stated in part; “Universal Merchant Bank, formerly Merchant Bank (Ghana) Limited, a bank Akufo-Addo, then in opposition, led the New Patriotic Party to accuse President John Mahama of selling to his brother; Mr Ibrahim Mahama has pledged a whopping US$100 million to support government’s one-district, one-factory policy.
According to managers of Universal Merchant Bank (UMB), the Akufo-Addo-led government’s one district, one factory initiative fits into its strategy of investing in public infrastructure for long term returns.
The Board of Directors of UMB Bank led by its Chairperson, Mrs. Betty Zormelo, disclosed this when they paid a courtesy call on the President Nana Akufo-Addo at the Flagstaff House in Accra last week Thursday.”
However, Managers of UMB considered the publication offensive and have threatened to “take all appropriate and necessary steps to vindicate the rights of the bank” if the paper fails to retract the story and apologize for same.
Editor’s Note
While our April 4, 2017 publication was not intended to malign or bring the name of the bank into disrepute or injure the reputation of any of its managers or shareholders, The aL-haJJ, nonetheless, retract the story and unreservedly apologize for any harm caused the bank, its managers and shareholders.
Source: The Al-Hajj
Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority. |
Who do these stealers think they are? It is known that the pension fund was used to purchase merchant bank. The board of ***barred word*** are thinking Nana Addo can be hoodwinked into accepting such stealing. Tell the Ghanaian the source of your money. Mr president please investigate the purchase of merchant bank of Ghana
When would we stop this politics of them against us?The UMB Bank pledged 100million dollars for the 'one district one factory ' project. I'm sure that money is not a gift to Nana Addo. What the bank is saying is that' we want to invest in your dream.' if this dream comes to fruition there will be jobs for NDC members,NPP members PPP members etc,etc.If people have jobs there would be less tension in town and won't it be lovely to be able to live a peaceful tranquil life? At this point who cares who owns what?If it so happens that Ibrahim owns the bank, at least he is investing in Ghana which is far better than investing in Dubai.
No you don't read or you read but you don't understand Nana 100 days unprecedented. The delta force issues let allow the law to work at the end it may be either you and your gangs in the NDC are at work aiding some group in the delta force to make the Nana and the NPP unpopular or the delta force has mistakenly lean something bad from JDM because he used the law to jailbreak the montee three these delta force might have think Nana would do same but unlike JDM Nana has demonstrate how principle a leader should be than God every citizen is dancing to that tune by condemning the unfortunate event of the delta force very soon you and your guys in the NDC would have nothing more to talk about, let me give you a wake-up call that you guys should start lacing your boots to rep the seed you sow in corruption its a countdown
Yes, I second you Isaac. Let's lift the veil of incorporation of Fortiz Private Equity Fund in order to know the individual members of the company. Mr. Lawyer do us good by publishing the list of individual members who own the company.
Let us lift the veil of incorporation of Fortiz Private Equity Fund and THEIR SOURCE OF FUNDS, then we can conclusively say who owns UMB.
MR LAWYER DO YOU THINK GHANAIANS HAVE SHORT MEMORY? HOW CAN YOU LIE ABOUT THE OWNERSHIP OF UMB?WE KNOW IT BELONGS TO IBRAHIM MAHAMA PERIOD.WE DON"T NEED YOUR MONEY FOR 1DISTRICT 1FACTORY PROJECT.