The Chief Executive Officer of Engineers & Planners Limited, Mr Ibrahim Mahama, has demanded an immediate retraction and unqualified apology from investigative journalist Manasseh Azure Awuni.

This comes after Mr Awuni in his latest book, "The President Ghana Never Got," stated that the Universal Merchant Bank (UMB), formerly State-owned Merchant Bank, generated uproar in 2013 when it was sold to a private equity firm, Fortiz.

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According to the author, FirstRand Bank of South Africa was said to be willing to pay GH₵176million for 75% of Merchant Bank’s shares, while Fortiz offered only GH₵90million for 90% of the shares in the state-owned bank.

“The controversy deepened when it emerged that a brother of President John Mahama, Ibrahim Mahama, was one of the big debtors of the then Merchant Bank, which resulted in the bank’s struggles,” portions of the book read.

However, Mr Mahama has refuted this claim in the book.

In a letter from his solicitor, Mr Mahama demanded an immediate retraction of the publication and an unqualified apology from Mr Awuni.

The solicitors asserted that the journalist’s publication, which linked Mr Mahama to the financial struggles of the bank, has negatively impacted Mr Mahama’s reputation as an honest businessman.

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“Your publication has resulted in our client’s business associates, family and friends inquiring from him the veracity of your claims as the publication has lowered his reputation as an honest businessman in the eyes of well-meaning Ghanaians.

“We therefore have the instructions of our client to demand from you an immediate retraction of the publication under reference and an unqualified apology to our client,” part of the letter read.

The correspondence warned that failure to comply with these demands within seven days will result in legal action against Mr Awuni.

“Needless to add that should you fail, refuse or neglect to oblige the intimations contained in this letter within 7 days of your receipt of same, we shall proceed to seek legal redress against you without further notice to you. Please be advised accordingly.”

When Myjoyonline.com contacted Manasseh for a response, the investigative journalist indicated that the details narrated in the letter to him were not accurate.

"Mr. Ibrahim Mahama's lawyers have written to me concerning a paragraph of the book in the chapter on the economy. That paragraph says Ibrahim Mahama was indebted to Merchant Bank when it was sold in 2013. His lawyers say it was a company owned by Ibrahim Mahama, Engineers and Planners, which owed the bank, not Ibrahim Mahama. I have forwarded their demands to my lawyers and the matter will be addressed soon," he added.