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Prince Kofi Amoabeng ,
the founder of UT Group, has been put before an Accra circuit court for his
role in the collapse of his bank in 2017.
Mr. Amoabeng is facing charges of stealing and money
laundering.
Kofi Amoabeng was put before court together with the CEO of
defunct Beige Bank, Mike Nyinaku.
According to the prosecution, the two men who run different
organizations allegedly misappropriated funds in excess of GH¢200 million
belonging to their customers.
The prosecution said investigations were still ongoing into
their separate cases to ascertain the full extent of their offences.
The Court, presided over by Justice Essandor, subsequently
granted Mr. Amoabeng bail to the tune of GHS110 million cedis with two sureties
who earn not less than GHS 2,000.
The Bank of Ghana on August 14, 2017, announced that it had
revoked the license of UT Bank and ordered GCB Bank to take over its operation
because it had severe capital impairment.
Provisional figures released by the central bank showed the
total liability of UT Bank stood at GH¢850 million while its total asset was
pegged at GH¢112 million.
Speaking on the matter after nearly two years after the BoG’s
action, Kofi Amoabeng in a TV interview said the fortunes of the bank could’ve
been turned around if the Bank of Ghana had given him more time.
The government found us in that situation, [but] was this the
best route to take? because we had investors who were ready with some
proposals. They [government] decided that the best thing is to close down UT
Bank which I find really difficult to take but from where they are sitting,
they decide that was the best thing for the country. I don’t bear grudges but
the point is, if as UT Bank we owed GH¢800 million and an investor comes and he
says I’m ready to pay GH¢400 million [so] Bank of Ghana write off the [other]
GH¢400 million, but BoG takes a decision to close down the bank which will cost
the nation at least GH¢ 2.2 billion, it doesn’t make sense to me,” he said.
