State prosecutors have discontinued the case against the founder of now-defunct UT Bank, Prince Kofi Amoabeng at the circuit court on charges of stealing and money laundering that led to the collapse of UT Bank.
According to the prosecution represented by ASP Emmanuel Nyamekye while withdrawing the case from the Circuit Court, claims prosecutors would file a fresh case against Mr. Amoabeng at the High Court.
The fresh case was filed today at the High Court with a charge of “Fraudulent Breach of Trust”. Mr. Amoabng has been sued with five other people whom prosecutors claim collaborated in running down UT Bank.
Mr. Amoabeng who is being accused of pocketing over GHC 100 million belonging to UT Bank, was dragged to court late January but was granted bail to the tune of GH¢110 million with two sureties who earn not less than GH¢2,000.
The Bank of Ghana on August 14, 2017, revoked the license of UT Bank and ordered GCB Bank to take over its operation because it had a 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.
But speaking recent interviews granted by Mr. Amoabeng to the media, he said, his bank’s collapse was partly caused by the Bank of Ghana, as it deliberately turned away investors willing to step in to rescue the struggling bank.
“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 decided 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 says I’m ready to pay GH¢400 million [so] Bank of Ghana should 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.