All charges against UT bank boss Kofi Amoabeng dropped by the state


The CEO of defunct UT bank Kofi Amoabeng is now a free man after the state dropped all charges leveled against him.

This comes after the state earlier file a case of money laundering and stealing against him at an Accra Circuit Court. The circuit court later granted him bail.

The bail was granted by Justice Essandor in the tune of ¢110 million with two sureties who earn not less than ¢2,000.

The state has however discontinued the case.

The former CEO of the defunct UT Bank, however, is not yet free. ASP Emmanuel Nyamekye who is Police Prosecutor in the case stated that the State intends to file a fresh case against Mr. Amoabeng at the High Court in Accra

READ  Accra Academy dormitory gutted by fire again

Judge Emmanuel Essandoh released the accused who is free to go home for now.

Real reasons for Kofi Amoabeng’s trial

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 totaling ¢51,334.387.08 and $8,612,829.33 were later transferred to UT Holdings.

READ  Anas’ exposé severely damaged image of Ghana’s Judiciary – Judge

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.

READ  Ghanaian lady dies in London after she went to have surgery to correct her K-legs

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 ¢51,334,387.08 and $8,612,829.33 all placed with UT Holdings.

Part of this text culled from


Please enter your comment!
Please enter your name here