Business News Wed, 28 Mar 2018

Don’t create problems for yourselves – EOCO warns UT Bank directors

As at Wednesday morning, former directors of the defunct UT Bank were yet to appear before the Economic and Organized Crime Office (EOCO), despite a public summons.

Speaking to Citi News’ Umaru Sanda Amadu, the Executive Director of EOCO, K. K. Amoah, said the directors in question had until 5:00pm today to report.

Without providing details, he said his team would take the next step of action should the directors fail to report by the 5:00pm deadline.

“They should not create problems for themselves. They shouldn’t,” Mr. Amoah warned.

Former Directors of Capital Bank, which also collapsed alongside UT Bank, will also appear before EOCO next Wednesday.

The two banks were taken over by the Bank of Ghana in 2017, and subsequently handed over to GCB Bank.


The liabilities of the banks, according to the central bank, overwhelmed their assets, leaving them with no option but to undertake a purchase and assumption transaction as the least costly method of dealing with a collapse.

Following findings of an investigative report, EOCO said it is probing further the issues surrounding the liquidation, but it is having difficulties reaching the directors of the collapsed banks.

But the investigation is yet to start in full force, according to the EOCO boss.

“It is a normal investigative process that we are doing. It is a complaint that we are investigating. We haven’t even commenced the investigation,” Mr. Amoah said.

“We gave them today. We are hoping that by the close of today they come. We gave them 9:30 this morning, and we are hoping that by the close of day, by 5:00 pm [they come],” he added.

Managers of uniBank, which was recently taken over by the BoG with KPMG as the administrator, will also be invited by EOCO in due course.

Source: citifmonline.com