Ibrahim Mahama and his Lawyer, have both put out statements to the effect that, Dzata Ltd, a Company that Ibrahim Mahama is a Director and Shareholder, played no part in the collapse of UT Bank.
In the said statement, Ibrahim Mahama argued that, the loan was secured on a ‘virgin’ land, earmarked to house Dzata Cement Factory, and since the Factory was/is still not operational, repayments of the loan cannot be made, per the loan agreement.
If this is not a sham/fraudulent loan agreement, then what else is it?
You and I were not there to witness the loan agreement in question, but you and I know that, only State-actors, are usually given a number of years grace period, before repayment of most loans contracted, kick in. Is Dzata Ltd a State-actor?
A big NO!!
In most instances, private individuals and Limited Liability Companies who contract loans from the financial institutions, are usually given just one month grace period.
UT Bank even got the Bank of Ghana to waive its rules which limit the amount of funds any bank could advance to clients. What is so special about Dzata Ltd, directed and controlled by Ibrahim Mahama, that the said Company has been given an ‘indefinite’ grace period on the loan repayment by UT Bank (until the factory is operational)?
Is interest on the loan accruing on compound basis from day one, that will be paid together with the principal when the Factory starts operation or not? What if Dzata Ltd, collapses before it starts operation? Who will repay the loan? This is a possibility.
In Kelner v. Baxter (1866), a company contracted to be supplied wine before it was validly incorporated. Before the bill was paid, the Company had gone into liquidation.
It is apparent that, Ibrahim Mahama is hiding behind the Veil of Incorporation to perpetuate gargantuan fraud on some financial institutions in this country.
The Attorney-General should recover every pesewa (principal plus interest), owed by Ibrahim Mahama to all the collapsed banks in this country, by getting the Veil of Incorporation, lifted in the law courts, so that his personal property is confiscated by the State.
Alhassan Salifu Bawah
(son of an upright peasant farmer)