I did not divert GHC5m UT cash - ‘Deeply disturbed’ Amoabeng reacts

Former boss of defunct UT Bank has broken his silence over an investigative report into the operations of UT and Capital Banks which revealed that some payments were made to him Mr. P.K Amoabeng from a loan defaulting entity, Kofi Jobs Limited.

The loans which amounted to GHC 5m were allegedly never disclosed to the Board of the U.T Bank. The report also revealed that there was a significant amount of inter-group lending involving other subsidiaries of the holding company, UT Holdings, while connected party loans were made to some companies.

But Mr Amoabeng has defended himself stating that the amount involved was his personal money from the sale of a house.

In the response sighted by MyNewsGh.com, he said “due to UT Bank’s challenges at the time, I instructed that payment of the said house be made to my personal bank account at UT Bank to help shore up the company’s liquidity. I wonder then, how, my decision not to disclose payment of monies into my personal account for the purchase of my personal residence constitutes a misdeed as suggested by several news reports.”



The last one year has been a very challenging period for the UT family.

Personally, I have been deeply disturbed by events that preceded the collapse of UT bank and more so, some of the happenings that have unfolded after the takeover by the Bank of Ghana.

In truth, my heart bleeds as I struggle to come to terms with the fact that the organization we toiled so hard to build over 20 years ceases to exist.

A lot has been said over the period in question.



I have refrained from commenting on the developments for a number of

reasons including the fact that EOCO continues to investigate the

circumstances leading to UT Bank’s collapse.

However, I feel compelled to come out at this time following widespread

misrepresentation of the facts of the matter, particularly in relation to my

supposed withdrawal of some GHS 5 million, which, according to media

reports, I failed to disclose to my board.



1) Kofi Jobs Gyebi was a client of UT Bank who secured a loan facility

and subsequently paid off the loan with its accrued interest in full.

2) Mr. Gyebi, after paying off in full his commitment to the Bank,

expressed interest in purchasing my personal residence at Roman

Ridge in Accra, which I had put up for sale.

3) Due to UT Bank’s challenges at the time, I instructed that payment

of the said house be made to my personal bank account at UT

Bank to help shore up the company’s liquidity. I wonder then, how,

my decision not to disclose payment of monies into my personal

account for the purchase of my personal residence constitutes a

misdeed as suggested by several news reports.

4) It is instructive to note that the Boulders report, which was the source

document of the said news report indeed referenced my response to the

team that interviewed me on the same matter. On page 46 of the said

report, it states, “When Boulders Advisors Limited enquired about this

transaction, Mr P.K. Amoabeng indicated he had sold his personal

residence at Roman Ridge, Accra to Mr Kofi Jobs Gyebi.”

It is therefore curious that this was neither factored into the conclusion of

the Boulders report nor any of the widespread media reportage.

5) I’m saddened by the turn of events these past few months. Our brand was

guided by a vision of assisting Ghanaian businesses and individuals to

achieve their aims, based on sound values, principles, and discipline. We

had always envisioned growing this company into a steadfast,

international, Ghanaian-owned company. However, in our quest to

support Ghanaian businesses and individuals, the company had

challenges, and the central bank intervened.

6) The actions so far taken by the central bank have adversely affected the

operations of the remaining group of companies of UT. The UT brand

which was previously a superbrand a few years ago has been totally

defamed. The situation has for instance led to difficulties in the servicing

of payments due investors.

7) More importantly to me today though, is the inability of several workers

who once prided themselves as UT staff and now have little or nothing to

show for their years of dedication and service; the negative impact on the

other UT companies in the eyes of investors who believed in us and our

vision to see a Ghanaian owned company become a successful global

brand.

8) I will continue to co-operate with all state agencies probing the

development for finality to be brought to this matter.

God bless us all.

SIGNED

Prince Kofi Amoabeng