UT Bank Collapse: Amoabeng granted GHC110m bail

The former CEO of UT Bank and Chairman of UT Group of Companies, Mr Prince Kofi Amoabeng, has been granted a GHS110-million bail with two sureties by an Accra High Court.

Mr Amoabeng was arrested on Tuesday, 14 January 2020 at his office and immediately arraigned.

His arrest is believed to be in connection with the collapse of UT Bank on 7 August 2017 after the Bank of Ghana declared it insolvent.

He, together with many others, are being prosecuted for the financial crisis which almost grounded the banking sector.

Also, Mr William Ato Essien, the founder and former CEO of another defunct bank, Capital Bank, as well as his former MD, Rev. Fitzgerald Odonkor, and two other persons; Dr Tettey Nettey, the Managing Director of MC Management Services, a company said to be owned by Mr Essien, and Kate Quartey-Papafio, a businesswoman and Managing Director of Reroy Cables Company Limited, are also being prosecuted.

They have been charged by the state with 26 offences for their role in the collapse of the bank in 2017.

The charges include conspiracy to steal. Mr Essien and Tettey Nettey allegedly acted together between October and November 2015 in Accra to steal GHS100 million belonging to Capital Bank.

Judgement is expected to be delivered by the High Court in respect of the Capital Bank case in February 2020.