UT Bank collapse: Afenyo-Markin threatens to sue Multimedia Group over ‘malicious’ publication
New Patriotic Party (NPP) Member of Parliament (MP) for Efutu Constituency in the Central Region, Alexander Kwamina Afenyo-Markin is up in arms against the Multimedia Group for what he described as a misleading and defamatory story published on him with regards to a 30 million cedi loan contracted from now-defunct UT bank.
According to him, he never personally transacted the said business with UT bank, explaining that it was a company, Excel Courier Ghana Limited which went into the transaction with the bank as far back as 2004.
Online portal Myjoyoline.com and sister radio station Joy Fm published the story in which they cited Mr. Markin who is also a legal practitioner for using a million cedi collateral to access the 30 million cedi loan facility from the defunct bank.
But reacting to the publication, Mr. Markin said, “For the avoidance of doubt, the entire publication by Myjoyonline.com from its so-called exclusive source is factually inaccurate, false, insinuative and malicious”
See Afenyo-Markin’s statement below:
It has come to my attention that the malicious publication by Myjoyonline.com which was also carried by Joy fm in its top story news item has gone viral on social media. Regrettably, Joy fm failed to cross check from me for my side of the story inspite of many of ‘her’ officers as well as officers of the multimedia group having access to my telephone numbers. As a matter of fact it is no crime for a company to owe a bank. Neither is it a crime for a company to default in its loan repayment obligation since default could be occasioned by several factors.
The summary of what I just read from the factually inaccurate and malicious publication by Myjoyonline.comis to the effect that in my capacity as a politician, a company I have a majority shares (EXCEL COURIER GHANA LIMITED) procured a loan of 30 million and same was secured with just a 1million Ghana cedis worth of assets. As a general business rule there is nothing irregular should an individual or a company secure a loan with a security/collateral far less in value to the amount procured as a loan from the financial institution.
Having given the above background, let me proceed and state as follows:
Excel Courier Ghana limited and UT Financial Services entered into a collateral management business relationship as far back as December 20, 2004 in respect of Bauxite operations at “Awaso”. The outstanding payment obligations due UT Logistics and not UT BANK is a little over 4.1million Ghana Cedis.
The inability of Excel Courier to meet this outstanding obligations within the period was as a result of Ghana Bauxite’s refusal to honour outstanding invoices in excess of US $ 5.5million dollars under the guise of a so called tax exemption from Ministry of Finance dated 1995 which exemption was never disclosed to Excel and had no Parliamentary approval.The disturbing situation did not only affect the operations with UT Logistics but other financial institutions Excel dealt with.
Excel Courier vigorously pursued this matter at the High Court Commercial Division in 2014 whereupon a ruling was made to the effect that it was only Ghana Revenue Authority that had the CAPACITY to pursue the said claims. Therefore, I Alexander Kwamena Afenyo-Markin never executed any loan facility on behalf of Excel as a majority shareholder while holding office as a Member of Parliament. The description that my being politically exposed person was overlooked in the execution of a so called 30 million loan facility can at best be imaginary. I was never the majority shareholder of Excel neither am I currently a shareholder and a director of Excel Courier Ghana limited.
Any purported report by Bank of Ghana, the official liquidator or any person, group of persons, legal entity or an administrator appointed for the purpose of looking into the affairs of UT BANK claiming that I have executed a 30 million loan with 1million cedi collateral may in the least be misleading the public with an ulterior motive.
Suffice to add that a letter in 2015 for a reconciliation of Excel Courier’s account status never saw a conclusion as the officer in charge (Mr.Charles Tabi) had not made available a reliable information for his colleague who succeeded his office to proceed.
I expect Joy FM and all other media houses including officials currently engaged on matters related to the defunct UT BANK to contact Excel Courier Ghana limited for verification before same is published. For the avoidance of doubt, the entire publication by Myjoyonline.com from it so called exclusive source is factually inaccurate, false, insinuative and malicious.
The net effect of this story is defamatory of my person and I accordingly demand which I hereby do a retraction of same forthwith on all multimedia platforms and other media houses that repeated the same publication on their news portals. I reserve my rights to pursue an appropriate remedy in Court should Multimedia ignore my concerns.