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FLASHBACK: Kofi Amoabeng arrested

The now-defunct UT Bank chairman, Prince Kofi Amoabeng, was grabbed at his office following a bench warrant released by the Accra Circuit Court for his detention.

UT Bank and Capital Bank were found unsustainable by the Bank of Ghana in August 2017 after failure to reach the accounting standards.

“Despite repeated agreements between the Bank of Ghana and UT Bank and Capital Bank to implement a plan to address these major shortcomings, UT Bank and Capital Bank owners / operators had been unable to improve the banks’ capital to address the sovereign debt situation,” the BoG statement said.

However, Prince Kofi Amoabeng expressed shock about why, amid attempts by some UT shareholders to rescue them out, the government of Ghana shut down UT Bank.

If UT Bank owed 800 million and a shareholder comes and says I’m willing to pay part of it (400 million) and Bank of Ghana (BoG) writes off the 400 million but chooses to close the bank that will cost the nation at least 2.2 billion, it didn’t seem right,” he said on the ‘KSM Show.’”

Meanwhile, 26 charges have been filed against the former CEO and founder of Capital Bank, William Ato Essien, along with the theft of different amounts in reach of GHS260 million.

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