Kofi Amoabeng in court over UT bank collapse

Founder of the now-defunct UT Bank, Prince Kofi Amoabeng, in court over the collapse of the bank.

Information about the arrest of the respected business mogul is just trickling in, however, Joy News’ Kwesi-Parker Wilson reports that he has already been prepared for the  Accra Circuit Court IV on Tuesday.

The Bank of Ghana on Monday, August 14, 2017, revoked the licences of UT and Capital banks due to their insolvency, leading to a seamless takeover of the two banks by GCB Bank.

Mr Amoabeng at the Accra Circuit Court IV, Tuesday.

UT Bank, which was trading on the Ghana Stock Exchange, had its listing status also suspended.

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.

Mr Amoabeng has since the revocation of the licence of UT Bank been a subject of investigations for what the Bank of Ghana has termed as “willful deceit”.

Joy News correspondent, Kwesi Parker-Wilson reported that Mr Amoabeng has been charged with stealing and money laundering.

The founder of the defunct UT Bank together with the founder of the defunct BEIGE bank, Michael Nyinaku have been accused of allegedly stealing more than GH₵390million and $8.6million belonging to customers of the bank.

Amoabeng has been accused of stealing more than Ghc51.3 million and $8.6million, while Nyinaku has been accused of stealing more than Ghc340million.

The two pleaded not guilty to the charges levelled against them when they appeared before the Accra Circuit Court Tuesday, Graphiconline reported.