UT Holdings Sued Over GHS51m Loan From UT Bank

Accounting and auditing firm, PricewaterhouseCoopers, has sued UT Holdings over a GHS51 million loan it took from the now-defunct UT Bank and refused to pay.

The plaintiff was appointed as the Receiver of the collapsed bank in 2017 and said it found the suit filed at the Commercial Division of the Accra High Court, as the last resort towards recovering the debt.

UT Holdings, the parent company of UT Bank, are the same owners of UT Logistics, also a beneficiary of some GHS 9.31 million from the defunct bank.

UT Logistics has been named as the second defendant to the suit.

The defendants will pay the loans with interest if the court grants the application of the plaintiff.

The Bank of Ghana (BoG) revoked the licence of UT Bank and was subsequently taken over by GCB Bank after having been declared "irredeemably insolvent".