Ghana: Kofi Amoabeng Arrested Over Collapse Of UT Bank

Mr Amoabeng (holding bottle water) is in Court on Tuesday, 14, Janaury 2020 with some of his friends

Accra, Ghana, January 14, 2020//-Founder of the now-defunct UT Bank Ghana Limited, Prince Kofi Amoabeng, has been arrested over the collapse of the bank.

 He was arrested today and had been prepared for the  Accra Circuit Court IV, according to reports.

On Monday, August 14, 2017, the Bank of Ghana revoked the licences of UT and Capital banks due to insolvency, leading to their takeover by GCB Bank.

After the revocation of the licence of UT Bank, Mr Amoabeng has been a subject of investigations for what the Bank of Ghana has termed as “willful deceit”, resulting in his arrest today.

Amoabeng in court

Mr Amoabeng at the Accra Circuit Court IV

Subsequently, the UT Bank which was trading on the Ghana Stock Exchange, had its listing trading suspended and finally delisted from the local bourse.

The indigenous Ghanaian bank recorded a total liability of  GH¢850 million while its total asset was pegged at GH¢112 million, according to provisional figures released by the Bank of Ghana.

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