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UT Bank Collapse: Kofi Amoabeng Arrested   
 
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14-Jan-2020  
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Prince Kofi Amoabeng, founder of the now-defunct UT Bank, has been arrested over the collapse of the bank.

He is said to have been picked up at his office, Tuesday. This follows a bench warrant for his arrest issued by the Accra Circuit Court, Monday.

The businessman, according to reports, will soon be prepared for the Accra Circuit Court IV.

The Bank of Ghana on August, 7, 2017 declared UT Bank and Capital Bank insolvent after it failed to meet the minimum capital requirement.

“Despite repeated agreements between the Bank of Ghana and UT Bank and Capital Bank to implement an action plan to address these significant shortfalls, the owners and managers of UT Bank and Capital Bank were unable to increase the capital of the banks to address the insolvency,” BoG statement said.

Already, former CEO and founder of Capital Bank, William Ato Essien is standing trial on 26 charges, including stealing of various sums in excess of GHS260 million.

Prince Kofi Amoabeng who is the president of UT Group of companies, recently said he still finds it very difficult in understanding why the government of Ghana closed down 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.’

The business mogul 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” he told his critics.

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.

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: ghanaweb.com
 
 

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Name: @don biko
we always make reference of other countries. when have we ever implemented or come up with our own ideas? when someone comes up with a different idea as to how to do things and succeeds, we come up with all sorts of lies like the person is using juju, the person is a ***barred word*** etc. when can we ever lift our own up instead of bringing him down? as long as we hate our own making it and take pleasure in pulling our own down, we will stay where we are and will be disrespected and called a sh.i.t. hole. nkruasisem
 
Name: @baywatch; @Aston
Do your research well and you will know what he was talking about. when people went for the loans from his UT,they signed an agreement that if they don't pay or forfeit payment of the loan they will take their properties and they agreed and signed. Know also that he is not the sole owner of UT and the money he was working with were for people who had trusted him and invested their money so he was working. This shows you all have no idea how business is run and jealous. That man was a simple man and if anything at all, his workers brought him down but he is very principled
 
Name: BRA
DOES HE UNDERSTAND WHAT HE IS SAYING? ALL HE KNOWS IS CRUDE BUSINESS STRATEGIES
 
Name: Don Biko
I don't get this guy: write off 400mil means what? Is that depositors' money he wants written off or what? No wonder Ghana is yet to produce a genuine billionaire business man/woman. The smell of success changes our tatses so fast: the cars we drive, where we drink, the houses we live in and even the kind of women or men we fak! What is wrong with us? In the US you see a billionaire in tattered jeans who takes public transport to work and still feel good! A nation of backward-thinking people headed by an arrogant president who treats everybody as though we were his grand-kids instead of equal citizens before the law.
 
Name: Aston @ Baywatch
I agree...
 
Name: baywatch
KARMA. YOU SEIZED PEOPLE'S PROPERTY FOR PEANUTS. WHY SHOULD BOG WRITE OFF 400 MILLION CEDIS FOR YOU. YOU DIDNT HAVE MERCY FOR THE CRIPPLE SO WHY SHOULD MERCY BE EXTENDED TO YOU? YOU WERE DRINKING CHAMPAGNE WITH OTHERS ON THE BALCONY OF YOUR OFFICE AND SIGNING $5M LOAN WITHOUT DUE DILLIGENCE. CHOPPING DEPOSITORS MONEY NYAFU NYAFU
 



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