The Emperor's New Clothes: The Merchant Bank.....Sale Part Three....

 

Title: Mahama’s brother to cough GHC175m…As moneys owed Merchant Bank by Dec. 15
Dated: 25-11-2013

Managing Editor of the New Crusading Guide newspaper, Malik Kweku Baako, has revealed that he [Kweku Baako] is aware of plans by President John Mahama’s brother, Ibrahim Mahama, to settle his company’s indebtedness to Merchant Bank by December 15, 2013.

Mr. Baako said this last Saturday, November 23 on Accra-based Joy FM’s news analysis programme, Newsfile.

Kweku Baako said the president’s brother was in the process of repaying the loan which his Engineers and Planners firm contracted from the bank in 2007.

“I have seen enough records that indicate that by December 15, Engineers and Planners (E&Ps) would have settled its indebtedness with Merchant Bank,” he said.

The loan became the subject of controversy following the proposed sale of Merchant Bank to FirstRand of South Africa. The sale, according to sources close to the shareholders, has been necessitated by huge debt profile of the bank.

Engineers and Planners took a loan of GHS57 million from the bank but huge interests have accrued on the amount.

Reports indicate that the debt now stands at 175 million Ghana cedis.

It will be recalled that Pressure group, Alliance For Accountable Governance (AFAG) had called for the assets of Mr. Ibrahim Mahama to be frozen pending investigations into the matter.

It claimed E&P’s debt was 19.1 percent of the Bank’s debt portfolio. The group also claimed the loan was reportedly left subserviced by E&P since President Mahama’s party, the National Democratic Congress (NDC) came to power in 2009.

Engineers and Planners had however indicated that some technicalities caused the delay in the repayment of the loan, insisting there was a payment plan the company was following in servicing the debt.

The issue resurfaced with the announced sale of the bank to Fortiz Equity Fund.

But Kweku Baako feels it is “very petty” to politicize the sale of the Bank by trying to link Ibrahim Mahama to it. He revealed that “in the next few days it will be clear that that E&P’s indebtedness has been worked out”.

Source: http://www.todaygh.com/2013/11/25/mahamas-brother-cough-ghc175m-moneys-owed-merchant-bank-dec-15/



Paulina says: I'm a big fan of Abdul Malik Kweku Baako... Please note, I'm not a fan of Mr Abdul Malik Kweku Baako Jnr, the Editor-In-Chief of the New Crusading Guide Newspaper because I agree with everything he says ... --no sirree I don't ......but I'm a fan because he is fabulously Ghanaian!!!!

He has that Ghanaian wit, that intelligent way we can insult you without you knowing. That fabulous way we say some -and leave some, ---the way we 'expose wrong doers' whilst appearing to support them, -in short, Abdul Malik Kweku Baako is the spirit of Ghana --embodied.

I have often found myself frustrated with Abdul Malik Kweku Baako -the star of Joy News' Newsfile program, which I watch via ABN Sky 290...

Honestly, I have often found myself shouting .......Kweku just tell them that they are corrupt at my television ..but he is tooooooooo smart to do so. Preferring to 'expose' using a fact or statement, or a stat found during the programme ---but still managing to appear friendly (my foot), concerned (my foot), and supportive (my foot)..

Because of Mr Abdul Malik Kweku Baako ....I have yet to miss a show.... In fact I've been recording Newsfile since it started...and have come to truly respect Mr Baako, -once referred to as, "the keeper of the files" (laughter) by my least favourite member of the NDC party, you know the one!!!!

***You know the one that is presently dealing with the Republic of Ghana's boarders with its fellow Akan neighbours!!!!!...... In face it was the only time I understood what that member of the NDC party was talking about!!!!!


Mr Kweku Baako also offers a real insight into Ghana's present political situation in plain understandable English -something that can's be said for many who sit on the panel -especially one or two sooo called 'communication ministers'.

It might not appear soo ....but Mr Kweku Baako is also pretty bold. Though his style is subtle and inoffensive ----to fellow intellects (I'm not one) -his exposes are bodacious.

I also once read one of his FB fans say that Abdul Malik Kweku Baako, "made politics interesting for the youth" and I think that is the truth and a real blessing -so, if you haven't had the opportunity to watch Mr Abdul Malik Kweku Baako on Joy News' Newsfile program via ABN Sky 290 (UK) on Sunday from 9pm -than you must. You will spot him straight away -he of the ever present piles of files.....and studious bespectacled pensive look -and self-deprecating wit you wouldn't want to miss.

For more info about Mr Abdul Malik Kweku Baako visit his Facebook fan page at: https://www.facebook.com/pages/Abdul-Malik-Kweku-Baako/214936848570704
http://www.thenewcrusadingguideonline.com/ 

The Emperor's New Clothes: The Merchant Bank.....Sale Part Two....

Title: Merchant Bank Sale Stinks – NPP
Dated: 22-11-2013

The New Patriotic Party (NPP) Minority in Parliament has asked the government to immediately reverse the sale of Merchant Bank because the whole deal does not only stink but constitutes a gargantuan scam that will go to short-change Ghanaians.

The Minority said the government cannot afford to sell a whole national bank with stated capital of GH¢68million to a relatively unknown Fortiz Equity Fund, which does not have any experience in banking, with a stated capital of just GH¢5million.

“The whole deal is a scam and a fraud being perpetrated on the Ghanaian people because Fortiz was registered and incorporated in June 2013 and by its capitalisation did not even qualify for a non-bank financial institution licence,” the Minority said at a press conference yesterday.

The NPP Minority said the situation where Fortiz was to acquire 90 per cent of Social Security and National Insurance Trust (SSNIT) majority share was the most bizarre and fraudulent deal since Alfred Agbesi Woyome hoodwinked  a former Attorney-General, Betty Mould-Iddrisu, and swindled the Ghanaian taxpayer of GH¢51.2 million for no work done.

“Even though no agreement has been signed between Fortiz and other stakeholders, the Bank of Ghana has gone ahead to give approval for the sale. This is a scam,” Dr Mark Assibey-Yeboah, who read the Minority’s statement, said.

The Minority said what was more worrying was that Merchant Bank was being sold to  Fortiz at a time President Mahama’s brother, Ibrahim Mahama, was owing the bank to the tune of GH¢58million, which is over half of Fortiz’s asking price.

“The circumstances leading to the sale leaves a lot of sour taste in the mouths of well-meaning Ghanaians because if the initial sale of the bank to First Rand Bank of South Africa took four months for all negotiations to take place then how can a whole take-over just take three days?” Dr Assibey-Yeboah questioned.

The Minority said it could not understand why First Rand Bank of South Africa, which was ready to invest $91million or GH¢199million in exchange for 75 per cent shareholding in the bank was denied that opportunity for Fortiz to come and buy it on a silver platter.

According to the Minority, First Rand Bank, which had been in existence for 15 years, is the second largest bank in South Africa and has assets in excess of $103billion and has almost eight times the total assets of the banking industry, yet the FRB deal, which was by all standards a better deal, was rejected by SSNIT.

The Minority said it was not against a Ghanaian company taking over the Merchant Bank per se but the whole deal was a very bad one indeed.

“If we want to sell the Merchant Bank to a Ghanaian, why couldn’t we have sold it to UT Bank or the Fidelity Bank which are wholly Ghanaian owned and could have given better offers for the take-over,” the Minority queried.

The Minority, therefore, said from the foregoing, it was very clear that there were ‘unseen’ hands directing that the Merchant Bank be disposed of at that ridiculous price.

“How can it be better to hold eight per cent of GH¢90milliion offered by Fortiz and not 23 per cent of GH¢199milliion offered by First Rand Bank?” the Minority demanded and queried Fortiz’s source of financing for this ‘unwholesome’ deal.

The Minority noted that apart from the financial ‘loss’ to the state, workers of the bank were also going to be laid off as a result of the take-over, thus worsening the already bad unemployment situation in the country.

“Ladies and gentlemen of the press, the looting brigade of the ruling government are still at it again and this time round, our future savings with the SSNIT scheme has been hit by the ‘create, loot and share’ syndrome of this government,” the Minority stated.
 By Thomas Fosu Jnr

Source: http://www.todaygh.com/2013/11/22/merchant-bank-sale-stinks-npp/


Paulina says: I'm not a fan of the NPP -in fact I can not name a poli-trickal party in Ghana that stands for what I stand for -or...as far as I'm concerned...has the interest of the Ghanaian public at heart ...but I do agree with all that's been said above....  Still.... its important to believe that things will change.. that they will change for the better -someday.

The Emperor's New Clothes: The Merchant Bank......Sale

 

Title: Terminate Merchant Bank deal or meet us in court – Andrew Awuni
Dated: 11-11-2013

The Executive Director for policy Think Tank, Centre for Freedom and Accuracy, Mr. Andrew Awuni has threatened to drag the Bank of Ghana (BoG) to court over the sale of Merchant Bank to Fortiz Private Equity Fund Limited.

Even though in the judgement of the Social Security and National Investment Trust (SSNIT) and Bank of Ghana, Fortiz Private Equity Fund Limited presented the best proposal among other bidders, Mr. Awuni implied the Merchant Bank transaction was shrouded in secrecy.

According to the Anti-Corruption Crusader, who spoke at a media briefing in Accra, due diligence on the sale of Merchant Bank to Fortiz was yet to be done and the gaps that existed in their proposal were too gaping.

Mr. Andrew Awuni asked SSNIT to stop forthwith the deal or else his organization will seek legal redress on the transaction if finalized.

“We will explore all opportunities including possibly going to court to protect the assets of this state; I am contributor to SSNIT therefore it is my money, your money they are using to do all these things; it doesn’t make sense.”

He emphasized, “I have the capacity to take this matter to court but I think there is still time for us to reason things out; it really doesn’t make sense.”

Mr. Awuni challenged the Bank of Ghana to publish details of the transaction because Ghanaians deserved to know what is happening.

“We have taken notice of the transaction that the BOG is playing on Ghanaians; we know as a matter of fact that no agreement has been reached or signed between Fortiz and the other shareholders but the BOG has played a fast one by granting an approval to Fortiz and thus virtually tying the hands of all other parties.”

He also debunked the claim that Fortiz Equity Fund Limited has relations with the Fortis Bank of America saying, “First of all Fortiz Equity Fund Limited has no relation with the Fortis Bank of America which enjoys a large and enviable reputation in the finance industry around the world.”

He explained, “Fortiz bid to buy Merchant Bank is the only known transaction it has ever had; there is no record anywhere of any transaction that Fortiz has ever conducted and that is understandable considering that it was registered and incorporated only in June 2013 soon after the First Rand Bank deal failed.”

Mr. Awuni accordingly urged Ghanaians to rise up and demand accountability for the sale of Merchant Bank to Fortiz Private Equity Fund Limited.
“We call on SSNIT to stop forthwith the deal; as a contributor to the Fund, I disagree with this sale and we call on TUC and all workers unions and associations, the Employers Association, GNAT, NAGRAT and concerned Ghanaians to rise up against this day light robbery.”

By: Abdul Karim Naatogmah/citifmonline.com/Ghana

Source: http://www.todaygh.com/2013/11/11/terminate-merchant-bank-deal-meet-us-court-andrew-awuni/

　


Paulina says: We are being....dot, dot, dot...... what is call 'shafted sideways' in north London... in our sweet homeland Ghana!!!!

Ghanaians have been taking ....ten to the front and fifty to the back for some time ...but it now appears that the nation is having to take seventy to the side, and, its a big AND ---certain peoplesssss don't want the nation's public to complain ------or discuss it on the radio -can you Adam & Eve it?????

How can you keep 'shafting folk sideways' and expect them to stay silent -and when they complain ---you the 'shafter' ---has issues... can you believe it?????

I first heard about the sale of the Merchant bank via Joy News on ABN (Sky 290) a week or sooo back and I just couldn't get my head around it... -can you??????

What is going on back home in our sweet motherland --Ghana????.. Because whatever it is...... it is being done in the name of a 'Better Ghana' -and its not working. I personally have never known anything like it -..it is sooooo blatant, sooo unprecedented...

Mounting taxes, high youth unemployment, inconsistent electricity supply, scarce water supply, stinky public toilets, rising STI's (there are no STI clinics available to the general public in Ghana bar the Salvation Army in Accra), mounting rubbish tips, corrupt police force and so forth, and sooooo forth.....and now the merchant bank fiasco......--coming a long to join this long list of unending issues griping Ghana ---all smacks of 'blatant' corruption or GROSS mismanagement -to me.

It appears that if the Ghana's government aren't borrowing money -then its putting up taxes or selling institutions very cheaply to members of its 'own' family...and sooo forth and sooo forth....unprecedented...

It appears ...in my uneducated 'eyes' that if the Ghana's government isn't buying 'ministerial' bungalows then they are 'recorded' plotting' to loot the public 'Kente' purse ...unprecedented, -----unprecedented I tell you.... FBYU 

What are Ghana's rich 'first' ladies doing for the nation? All those wives 'of'', all those first ladies of this and that -what are they doing for our sweet homeland Ghana? Where are their charities/foundations? Which charities do they chair? What boards are they sitting on? Who are they mentoring.... What a shame and what a disgrace!!!!!

 

Ghana Rising Hearts: Vaneesha Advani's S/S 2014 Designs By Sonia Jewellery Collection........

Collection: S/S 2014
Style: 215 Ash/Opaque Ash
Description: Adjustable, large necklace
100% Italian leather
Antique handmade brass rings
Hand dyed/handmade silk strings

　

Collection: S/S 2014
Style: 207 Black/Black
Description: Side asymmetric, double large long necklace
100% Italian leather
Antique handmade brass rings
Hand dyed/handmade silk strings

Collection: S/S 2014
Style: 201 Ash/Opaque Coral
Description: Asymmetric, slim long necklace
Materials: Recycles glass
100% Italian leather
Antique handmade brass rings
Hand dyed/handmade silk strings

　

Collection: S/S 2014
Style: 211 Black/Transparent White
Description: Asymmetric large, slim triple necklace
100% Italian leather
Antique handmade brass rings
Hand dyed/handmade silk strings

　

Collection: S/S 2014
Style: 202 Black/Opaque Mint
Description: Asymmetric, adjustable, slim long necklace
100% Italian leather
Antique handmade brass rings
Hand dyed/handmade silk strings

　


　

Paulina says: I stumbled upon some of the most delectable jewellery I've seen in some time ...by new to La Ghana Rising radar -Vaneesha Advani's Designs By Sonia jewellery label via the Nykyinen website and just had to share...

Jewellery designer Vaneesha Advani is of Indian origin but was born and raised in Ghana -moving to, "New York at age of seventeen to study fashion design at the prestigious Parsons School of Design, New York."

Inspired by visits to her family home in Ghana and the women of its nation, Vaneesha Advani's pared down, minimalist, high-end African inspired jewellery collection is made from natural materials including, "leather, recycled glass beads, brass beads and hand-dyed, handmade silk strings."

I love Designs By Sonia and hope to see this fab label in high end boutiques in Ghana and in London, but in the meantime, you can purchase the above lovelies via her website at: http://www.designsbysonia.net/ 

Akan Cultural Symbols: TUMI TE SE KOSUA - POWER IS LIKE AN EGG

TUMI TE SE KOSUA - POWER IS LIKE AN EGG
Symbol of the DELICACY OF POLITICAL POWER, FRAGILITY OF DEMOCRACY, and RESTRAINT From the aphorism: Tumi te se kosua, woso mu den a, epae; na se woanso mu yie nso a, efiri wo nsa bo famu ma epae. Literal translation: Power is as fragile as an egg, when held too tightly it might break; if it is held too loosely, it might fall and break. The symbol points out the fragile nature of political power. As a symbol of democracy, it suggests the virtue of sharing political power. Power held in one hand is not safe. Power wielded by a chief is not absolute, nor is it expected to lead to tyranny. A chief is expected to exercise the power he wields cautiously and judiciously, or else he incurs the wrath of his subjects.

Credit: http://www.cfiks.org/akanart/akanart/themes/akanpoli.htm 

Model Behaviour: Is Roselyn Ashkar Africa’s Next Top Model.......

 Roselyn Ashkar is one of the top 10 girls left in the Africa's Next Top Model Cycle 1 House. Go girl....

Roselyn Ashkar-after her blonde make-over...

　

The ever beautiful Roselyn Ashkar before her transformation.....


Paulina says: I'm sooo pleased Roselyn Ashkar was chosen to represent Ghana on Africa’s Next Top Model.... She's a stunning girl, a natural beauty who was destined for a life of Ghanaian pageants before qualifying for the top ten finalists in Africa’s Next Top Model contest...

Roselyn Ashkar has always been a great beauty, I clocked her some time back and added her to my Ghanaian beauties list: (http://ghanarising.blogspot.co.uk/2013/06/ghanaian-beauties-2013.html) ---but I'm sort of loving her transformation.

The much edgier, blonde curly hairstyle really suits her but I would have preferred a much darker, smoother, sleeker, straighter -more high fashion look like the one they gave Ugandan model Aamito Stacie Lagum, who is really the only 'real' competition Roselyn Ashkar -has......
Anywayssss....I'm hoping this make-over will take our Roselyn further in said contest and towards winning the modelling contract with DNA model agency and a $50,000 windfall. Ghana Rising Blog is rooting for you Roselyn Ashkar, you are 'our' Africa’s Next Top Model.......
For more info or if like me in London, you are unable to watch it ------visit the Africa’s Next Top Model website to watch film clips via: http://antmafrica.com/
https://www.facebook.com/ANTMAfrica


　
Blogland is talking and most say she is fab and see her in the top four....
http://www.rtvgames.com/showthread.php?t=42417
http://www.ghanaweb.com/GhanaHomePage/entertainment/artikel.php?ID=292663