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UT Bank CEO, Kofi Amoabeng discharged by Court

Charges against Prince Kofi Amoateng, Managing Director of defunct UT Bank, have been dropped at the Circuit Court by the State.

Police Prosecutor, ASP Emmanuel Nyamekye today 5th of February 2020, told the Circuit Court Judge, Emmanuel Essandoh, that the State intends to file a fresh case against Mr. Amoabeng at the High Court. To this end, the trial of the accused person at the Circuit Court will no longer be necessary.

Judge, Emmanuel Essandoh’s, obliged the Prosecution and discharged the accused person forthwith.

Facts of the UT Bank Case

The special Investigation Team (SIT) received a report from Price Water Coopers through the Governor of Bank of Ghana into suspicious transactions relating to UT Bank. The UT Bank engaged in some off-balance-sheet transactions log issuing investment certificates to investors in the name of the bank. However, these amount totaling GHc 51,334,387.08 and USD 8,612,829.33, were later transferred to UT Holdings.

It was disclosed that UT Bank issued investment certificate in the name of the Bank although the amounts were never credited to the customer’s account but transferred to UT Holdings. It was also revealed that, Prince Kofi Amoabeng then Chief Executive Officer of UT Bank signed most of the customers’ investment certificates and subsequently transferred to UT Holdings.

Investigations further revealed that the customers monies were with the UT Holdings. Most of the investment with UT Bank were absorbed by Ghana Commercial Bank Limited as part of the takeover of UT Bank in 2017.

However, the rate of interest issued to each investor varied and was subject to negotiations. It was also revealed that (15) transactions were identified in respect of (12) institutions whose funds sum up to GHc 51,334,387.08, and USD 8,612,829.33 all placed with UT Holdings.

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