Engineers and Planners (E&P), the company said to be owned by Ibrahim Mahama, younger brother of sitting President, His Excellency John Dramani Mahama, accused of indirectly helping in the insolvency of Merchant Bank after failing to settle a loan it contracted from the bank, has for the first time spoken to the issue.
E & P, the largest indigenous (Ghanaian) mining contract company with over 15 years experience and specializing in the management and hiring of heavy duty plant, equipments and machinery, haulage, oil and gas, land reclamation and restoration, dam construction and mining says they remain fully committed to the repayment of the loans.
Deputy Communications Director of the NPP, Yaw Buabeng Asamoah, at a press conference he addressed on behalf of his party, alleged that the Social Security and National Insurance Trust (SSNIT), has been forced by the President to use funds of suffering Ghanaian workers to retire a GH�57.2 million debt owed by his brother, Ibrahim Mahama, to struggling Ghanaian bank, Merchant Bank.
Mr Buabeng Asamoah explained that SSNIT, which held a 98% stake in the Merchant, in August this year, sold 75% of its stake to South African Bank, First Rand. At the time of the sale, Merchant Bank was reeling under some GH�330 million debt, with Ibrahim Mahama being the largest debtor, contributing 19.2% of Merchant Bank�s total indebtedness.
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