Home Ghana News UT Bank’s Prince Amoabeng slapped with more than 20 charges

UT Bank’s Prince Amoabeng slapped with more than 20 charges

President of UT Group of companies, including the defunct UT Bank Prince Kofi Amoabeng, has been slapped with more twenty charges when he made an appearance at Accra’s Circuit Court VI, MyNewsGH.com has been informed.

Contrary to claims of his arrest, he was served with court papers to make an appearance in court which he duly complied with today at around 11am.

The state is expected to charge him for allegedly stealing and misappropriating some millions of Cedis which led to the collapse of his bank, UT Bank.

A source told MyNewsGh.com he could be facing a total of 23
counts of conspiracy to steal, stealing, and money laundering as his case is to
be heard in court.

The charges against him come few months after President
Akufo-Addo and Attorney General, Gloria Afua Akuffo, reiterated that the
directors of the seven failed banks found culpable would be prosecuted.

Already, the directors of the defunct Capital Bank have been
sued for mismanagement and breach of banking regulations which led to the
collapse of the bank.

The suit, filed joint receivers of the bank  faulted the shareholders of the bank, as well
as its founder for making the bank to lose millions.

The directors and shareholders have been accused of
illegally approving loans and placing funds to themselves and related parties
without the requisite collateral.

In their statement of claim, the plaintiffs blamed the collapse of the bank on “mismanagement and breaches of the banking sector regulations.”

Ato Essien and Co.

William Ato Essien and Fitzgerald Odonkor — former Chief Executive Officer and Managing Director respectively of the defunct Capital Bank — were also charged by the state for allegedly stealing and misappropriating GH¢262 million which led to the collapse of their bank.

Charged along these persons are Tetteh Nettey and Kate Quartey-Papafio, both of whom have been caught in a conspiracy allegation to steal from the bank they ran into collapse.

I don’t understand

Prince Kofi Amoabeng in an earlier interview had said he still
finds it very difficult understand why the government of Ghana closed down his
company UT Bank despite interventions by some UT investors to bail them out.

“If UT Bank owed 800 million and an investor comes and says
I’m ready to pay half of it (400 million) and Bank of Ghana (BoG) writes off
the 400 million but decides to close down the bank which will cost the nation
at least 2.2 billion, it didn’t make sense” he said on the ‘KSM Show.’

He said it is easier to lose that 400 million than to incur
a cost of about 2.2 billion on a country like Ghana, plus collateral damages,
unpaid staff among others.

“It’s as if the government did not take their time to really
evaluate the options they had but when people say that the action is to get to
me, then it is really ridiculous because you can’t get me. If you target me you
target the wrong person” Mr Amoabeng told his critics.

Prince Kofi Amoabeng, however, indicated that the
government’s action was surprising because of his allegiance to the Finance
Minister, Ken Ofori Atta and to President Akufo-Addo because of his Akyem

He reiterated that UT Bank as a listed company had about
15,000 shareholders whose investments were just disenfranchised because of the
bank’s closure and nothing has happened to them.

Mr Amoabeng advised that as individuals when things are
going on very well, we have to ask ‘God why me’ but when things are not going
on well then we need to ask ‘God what’s next’.

He said he always feels sad anytime he sees ex-staff of UT
Bank selling along the road or indulged in menial jobs.

He indicated that he was the last person to hear of the collapse of his bank even though a day before the collapse, he had spoken to the Finance Minister, Ken Ofori Atta, he never mentioned of the collapse until 8 am that he called his daughter.

Source: MyNewsGh.com/Stephen Zoure

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