Universal Merchant Bank, UMB, has rendered an unqualified apology to Engineers & Planners Company Limited, E&P, owned by Ghanaian businessman, Ibrahim Mahama.
This follows after Ibrahim Mahama, through his legal representatives, Robert Smith Law Group, threatened legal action against the bank for publishing false information regarding his company’s financial transactions with it.
UMB has since confirmed through an official statement that E&P holds no outstanding debt to it after claims by a popular Ghanaian investigative journalist, Manasseh Azure Awuni, who in his book titled “The President Ghana Never Got,” alleged that the businessman’s indebtedness to the bank contributed to its struggles and led to its sale in 2013 to private equity firm Fortiz.
Robert Smith Law Group, through Bobby Banson Esq., insisted in a letter dated August 22, 2024, that Ibrahim Mahama or Engineers & Planners Company Limited owed the bank and had settled its debts before the takeover by Fortiz.
Ibrahim Mahama is believed to be greatly concerned by the damage done to his reputation by Manasseh Azure Awuni’s publication and thus urged him to apologize and retract his claims to avoid stern legal repercussions.
Statement by UMB
Universal Merchant Bank Ltd (UMB) apologises to Engineers & Planners Company Ltd (E&P) for inaccurate information regarding E&P’s indebtedness to the bank.
We acknowledge that Engineers & Planners Limited has fully honoured its credit obligations with the bank and has no unpaid debts with the UMB.
The bank has taken all the necessary steps to correct the records with the Credit Reporting Agencies and regrets any inconvenience caused.
We reaffirm our commitment to the highest standards of accuracy, professionalism and fairness in all our dealings with our customers.
Yours faithfully
From Universal Merchant Bank Ltd.
