It is true Engineers and Planners, a limited liability company owes the Merchant Bank some $53 million. But he is not the only one in this. Please read all as I will try to make it short and easy to understand. Mr. Appiah Menka, a staunch member of the NPP owes the same Merchant Bank $35 million. The NPP has deliberately gone blind and dumb on Mr. Appiahs debt owed to the bank. Rather, their focus is shifted on the brother of the President who took that loan in 2006 when his brother was no where near the presidency. Engineers and Planners inability to pay the loan in time was due to the diabolic nature of the NPP to kill the business of Ibrahim Mahama when they ensured that the aims for going for such a loan were aborted leaving him stranded without executing those contracts which would have enabled him to pay back those monies. In the end, they turn around and blame him. Meanwhile, from all indications, Engineers and Planners is making frantic efforts to pay back the loan it took in 2006. But, Mr. Appiah Menka, the staunch NPP member seems cash strapped as he blew off the loan with no plans to pay back. The NPP fighting against the FORTIZ deal is only motivated by this: They are aware FORTIZ submitted a comprehensive plan in order to recover all the loans Merchant Bank has standing in its books. These loans include that of Appiah Menka and others who owe up to 81% of total debt stock of Merchant Bank. As it stands, Appiah Menka is not in any position to pay back that loan under strict terms hence the NPPs jumping in to present the FORTIZ deal as the worse. If the NPP succeeds in laying this FORTIZ deal aside and succeeds in getting the Rand Bank of South Africa, the Rand Bank would not recover the loans standing in Merchant Bank Debt Portfolio. That would mean Mr. Appiah Menka would go free without paying the loan he took from the bank to the tune of $35 million. As it stands, the deal as submitted in the bid by the Rand Bank of South Africa does not include any plan for the existing debt recovery. That is where the NPP, smart as they appear to be, have seen a loophole and a weakness and are doing everything to exploit. It is not out of love of country! If Ibrahim pays his loan and Appiah Menka does pay, the NPP would be in a very bad light and so, they are doing all they can to ensure that even if Ibrahim pays and FORTIZ doesnt win the deal, Appiah Menka would be left off and his loan written off. If Ibrahim pays as all indicators are showing he would, and the Rand Bank of South Africa wins the deal, Appiah Menka would still have been left off the hook and the loan written off as bad debt. There is a saying that if you see a rat running during broad day light, there is something pursing it. The NPP is running around with noise because they are trying hard to shield Appiah Menka one of their own. #We know them more than they think they know themselves#
Posted on: Thu, 28 Nov 2013 18:51:43 +0000
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