The former Managing Director of Merchant Bank, Peter Iliasu is set to challenge the termination of his appointment in court. Mr. Iliasu wants the court to clear his name because his dismissal could prevent him from getting another job in the banking sector. Joy Business has learnt that Mr. Iliasu is contesting the Board’s reason for booting him out of office. He was removed from office for granting overdraft facilities to four companies without board approval. Though he failed to get approval from the board for the transactions, Joy Business sources say the deals are genuine and the borrowers are paying back the loans. According to our information, the 152 million dollar overdraft facility granted VRA was guaranteed by the finance minister. Our sources also claim the bank will make some 4 million dollars from all the transactions secured by Mr. Iliasu. They suggest that any manager would have easily granted the facility without prior approval of the board because of the nature of the transaction and the huge dividend it would yield for the bank. According to them, it is acceptable practice to enter the deal and get board approval later. The Board reports say was given the opportunity to resign honorably, but failed to do so, hence, the decision to force him out. But resigning would have meant that the former Merchant MD accepted wrongdoing. Meanwhile, Joy Business has learnt that no entitlements have been paid to him yet. Source: Joy Business/Myjoyonline.com/Ghana