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BREAKING: Court Discharges Kofi Amoabeng, UT BANK CEO.

The Circuit Court presided over by Justice Emmanuel Essandor has discharged the former Chief executive officer of UT Bank, Prince Kofi Amoabeng. The state prosecutor, ASP Emmanuel Nyamekye told the court his superiors have given him instructions to the effect that they should discharge the accused person as they intend to file the charge at the High court.

He, therefore, prays the court to redraw the charges for the court to discharge the accused. Lawyer Tua Addo told the court that his client is hospitalized as he is throwing off and that is the reason why he is absent today.

On the issue of discharging his client, he said, “they have nothing to do as the prosecution brought them to court and if they want to redraw and discharge him then he has nothing to say”.

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, this 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 an 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 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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