Kofi Amoabeng arrested over UT Bank collapse, charged with stealing & money laundering

The former Chief Executive of the now-defunct UT Bank, Prince Kofi Amoabeng has been arrested by Ghana Police for his role in the collapse of UT Bank.

He was picked up at his office, Tuesday, after a bench warrant for his arrest had been issued by the Accra Circuit Court on Monday.

The UT boss has subsequently been arraigned before the Accra Circuit Court and charged with stealing and money laundering.

The state prosecutor at the Accra Circuit Court IV accused Mr. Kofi Amoabeng of misappropriating and laundering funds to the tune of GH¢51 million and $8,612,839.33 respectively belonging to customers of the collapsed UT Bank.

The court, presided over by Justice Essandor, has granted Mr. Amoabeng bail to the tune of GHS110 million cedis with two sureties who earn not less than GHS 2,000 after the prosecution said investigations were still ongoing.

The Accra Circuit Court IV as presided over by Justice Essandor, also charged CEO of Biege Capital, Mike Nyinaku of misappropriation of GH¢340.94 million belonging to customers of Biege Capital.

Mike Nyinaku wasn’t granted bail as he’s been remanded and will spend one week in police custody.

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The Bank of Ghana on August, 7, 2017 declared UT Bank and Capital Bank insolvent after it failed to meet the minimum capital requirement.

“Despite repeated agreements between the Bank of Ghana and UT Bank and Capital Bank to implement an action plan to address these significant shortfalls, the owners and managers of UT Bank and Capital Bank were unable to increase the capital of the banks to address the insolvency,” BoG statement said.

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Source: George Awiadem Maclean | BieGyaNation.Com