Universal Merchant Bank Ltd. (UMB) has formally apologized to Engineers & Planners Company Limited (E&P) for disseminating erroneous information regarding the company’s financial position with the bank.
UMB clarified that E&P has fully repaid its credit facilities and currently has no outstanding obligations to the bank.
In an official statement, UMB recognized the error and confirmed that corrective actions have been implemented to amend the inaccurate information provided to credit reporting agencies.
“UMB extends its apologies to E&P for the misleading information concerning E&P’s financial obligations to the bank. We acknowledge that E&P has completely fulfilled its credit responsibilities with the bank and has no remaining debts with UMB,” the statement indicated.
This apology arises in the context of a legal dispute involving businessman Ibrahim Mahama and investigative journalist Manasseh Azure Awuni, related to claims presented in Awuni’s book, “The President Ghana Never Got.”
Ibrahim Mahama, through his legal representatives, has sought a retraction and apology for statements found on pages 98 and 99 of the book, which he contends contain false accusations regarding his financial transactions with the former Merchant Bank.
The contested passage suggests that Ibrahim Mahama was among the principal debtors whose loans significantly contributed to the difficulties encountered by Universal Merchant Bank, ultimately resulting in its contentious sale in 2013.
UMB expressed its regret for any disruption the mistake may have caused E&P and emphasized its commitment to maintaining high standards of accuracy, integrity, and fairness in its client interactions.
“The bank has undertaken all necessary measures to rectify the records with the credit reporting agencies and regrets any inconvenience caused. We reaffirm our dedication to the highest standards of accuracy, professionalism, and fairness in all our engagements with our customers.”
