The Member of Parliament for Efutu in the Central Region has denied receiving an under-collateralised ¢30 million loan from the defunct UT Bank. Alexander Afenyo Markin’s response comes after a report on the collapsed UT and Capital Banks said the loan he was supposed to have taken flouted prudential regulations. The report revealed that four subsidiaries of Excel Courier, a company which Mr Afenyo Markin was supposedly the main shareholder received the under-collateralised loan from the bank.
The MP says the report is inaccurate & that although he was a shareholder of the company, he was not a majority shareholder. He also said Excel Courier did not procure a loan from UT Bank, adding “whoever prepared the report, did that on the wrong premise.” He explained that “Excel Courier and UT Logistics had a collateral management agreement in respect of its bauxite operations, whereupon UT Logistics appointed an officer as the controlling entity in the agreement.
“The inability to continue repayment of an outstanding ¢4 million was as a result of non-payment from Ghana Bauxite Company Limited in excess of ¢5.5 million under the guise of a supposed tax exemption,” he continued. Mr Afenyo Markin further clarified that Excel Courier pursued the issue legally.