Kofi Amoabeng in court over UT bank collapse

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UT Bank Founder, Prince Kofi Amoabeng

Founder of the now-defunct UT Bank, Prince Kofi Amoabeng, in court over the collapse of the bank.

Information about the arrest of the respected business mogul is just trickling in, however, Joy News’ Kwesi-Parker Wilson reports that he has already been prepared for the  Accra Circuit Court IV on Tuesday.

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

UT Bank, which was trading on the Ghana Stock Exchange, had its listing status also suspended.

Provisional figures released by the central bank showed the total liability of UT Bank stood at GH¢850 million while its total asset was pegged at GH¢112 million.

Mr Amoabeng has since the revocation of the licence of UT Bank been a subject of investigations for what the Bank of Ghana has termed as “willful deceit”.


Joy News correspondent, Kwesi Parker-Wilson reported that Mr Amoabeng has been charged with stealing and money laundering.

The founder of the defunct UT Bank together with the founder of the defunct BEIGE bank, Michael Nyinaku have been accused of allegedly stealing more than GH₵390million and $8.6million belonging to customers of the bank.

Amoabeng has been accused of stealing more than GHS51.3 million and $8.6million, while Nyinaku has been accused of stealing more than GHS340million.

The two pleaded not guilty to the charges levelled against them when they appeared before the Accra Circuit Court Tuesday, Graphiconline reported.

Mr Amoabeng at the Accra Circuit Court IV, Tuesday.

Brief facts

– The Special Investigation Team (SIT) of the police received a report from PricewaterhouseCoopers Gh. Ltd through the Governor of Bank of Ghana into suspicious transactions relating to UT Bank.

– According to the report, the UT Bank engaged in some off-balance-sheet transactions log – issuing investment certificates to investors in the name of the bank. However, these amounts totalling GHS51,334.387.08 and $8,612,829.33 were later transferred to UT Holdings.


– The report further 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.

– The report added that Prince Kofi Amoabeng, then Chief Executive Officer of UT Bank, signed most of the customers’ investment certificates and subsequently transferred them to UT Holdings.

– Investigations further revealed that the customers’ monies were with the UT Holdings. Most of the investment with UT Bank was absorbed by Ghana Commercial Bank Limited as part of the takeover of UT Bank in 2017.

– However, the report indicates that 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 GHS51,334,387.08 and $8,612,829.33 all placed with UT Holdings.