Minister Exposed

The National Investment Bank (NIB) has for sometime months now, been in court with Latex Foam Rubber Products over the latter?s inability to respect repayment schedules for a $500,000 loan. The case was due for court last Thursday but sometime last week, Minister of State at the Ministry of Trade, Industries and Presidential Initiatives, Ishmael Ashitey decided to arrogate himself, the additional role of settling cases.

He tried to get the management of NIB to renegotiate the payment terms, notwithstanding the fact that the case was pending in an Accra High Court presided over by Justice Yaw Apau.

When the case was called for hearing last Tuesday, counsel for Latex Foam tried to argue that Mr Ashitey had come to an agreement with NIB, adding that since the government had majority shares in NIB, the government had a right to intervene.

Counsel for NIB denied that the bank had come to any agreement with the Minister. On his part, Justice Apau said notwithstanding the argument by the counsel for Latex Foam, it should come to an agreement with Latex Foam, before the two parties re-appear before him next week.

The Daily Dispatch newspaper says its investigations have revealed that Mr Ashietey obviously misrepresented whatever conversation he had with the management of NIB.

When a source at the Office of the President was contacted for his comments, he said ?if what you are telling me is true, the President will be very angry.