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Former Chief Executive Officer of UT Bank, Kofi Amoabeng, has finally opened up on going broke after the government collapsed his businesses.

According to him, he had to sell off his mansion and live in an apartment now.

He also said he only owns one pair of watch and shoe – each. Kofi Amoabeng opened up on his ordeal during an interview with TV3.

The former UT boss fell from grace to grass after his bank was closed down during the financial sector clean-up.

“I have experienced it from Kantamanto all the way to the most respected CEO and I have seen it go down. So it is a complete 360. So when I have to give or talk to people it is coming from my heart. I am quite passionate about it, I want them to avoid the potholes.” Amoabeng said about his current situation.

He revealed he had to sell most of his assets to pay off debts but that he currently doesn’t need much to live a happy life.

“I am 70, I have kids that I have educated. I am not saying I live off them but I am quite frugal with with my life. I have one watch, I have one shoe so I don’t need much money. I don’t have to have a lot of money to enjoy life.” he said.

He added: “I don’t drive Range Rover anymore, I drive a Lexus. It is an upgrade. I live in an apartment and I am quite comfortable.”