The founder of UT Group, Prince Kofi Amoabeng has been put before an Accra circuit court for his role in the collapse of his bank in 2017.
The prosecution said investigations were still ongoing into their separate cases to ascertain the full extent of their offences.
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.
“If you take the case of UT Bank, we are suing related companies associated with UT Bank — UT Holdings and we are claiming an amount in excess of GH100 million”, Mr. Nipah said.
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.
Source:citinewsroom
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