MP denies taking GHC30m loan From UT Bank company limited
MP for Efutu, Alexander Afenyo-Markin 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 commentary on the transaction also said the MP was “a Politically Exposed Person (PEP),” a term that suggests that it would be risky to give out loans to such persons. In financial regulation, a person described as PEP generally presents a higher risk of default by virtue of their position and the influence that they may hold. The value of the collateral Mr Afenyo Markin’s company presented for the ¢30,839, 319.17 loan was ¢990,000. But the MP says ...