UT Boss Caught In Fraudulent Deal and Dragged To Court

By Cecil Mensah

The perception by some customers of UT financial Services and bank that there was some murky activities in the day to day administration of the service in terms of the handling of documentation presented to it, was given credence last week when the Chief Executive Officer (CEO) of the service appeared in court for a charge of releasing a land title document to a rival party in a transaction.

The CEO Mr. Prince Kofi Amoabeng together with a solicitor of the State Housing Company (SHC) Mr. John Aidoo has been hauled before an Accra Circuit Court for fraud.

Mr. Amoabeng, who is also the patron of Black Label strong dry gin distributed by Guinness Ghana limited has been accused by one Naa Otuah Sawyne, a novelist, of allegedly releasing land title documents of her house at Ringway Estates-Osu, a suburb in Accra, which was in the company’s custody to the late Alexander Adjei to use as a mortgage in securing a loan of GH¢ 1, 279,000 from the Home Finance Company (HFC) bank.

Mr. Amoabeng, who is a former military officer (Captain Rtd) has been charged with fraud but he was not in Court last week when the case was called, the company lawyer told the trial Judge, Her Lordship Naa Adoley Azu that the accused person was out of the country.

On his part, Mr. John Aidoo, lawyer for the State Housing Company (SHC), who is also standing trial for aiding and abetting the crime, pleaded not guilty to the charge and was granted a GH¢300,000 bail with two sureties to re-appear on September 3, 2012.

The prosecutor, DSP Aidan Dery informed the Court that in October 2005, the complainant decided to sell her house and subsequently entered into a sale and purchase agreement with the late Alexander Adjei, the supposed buyer.

The prosecutor told the trial Judge that the complainant agreed to sell the said house for US$280,000, and Mr. Adjei was supposed to pay the money in three installments.

The deceased Mr. Adjei on October 14, 2005 made a payment of US$100,000 but could not pay the remaining amount. Madam Sawyne, who is a vendor, was due to travel to the United Kingdom (UK), so proceeded to UT Bank where she borrowed an amount of GH¢25, 000 using the title on the house as a collateral.

The prosecutor said Madam Sawyne, prepared and signed a deed of assignment with a condition that the final transaction would be witnessed by one Martin Nwosu, a lawyer, and handed over to the buyer after full payment of the purchase price.

The prosecutor, however, explained that on September 27, 2007, Mr. Aidoo, without recourse to Madam Sawyne, wrote a letter to SHC informing it that the deceased had purchased the property, therefore, requesting them to consent to it by assigning the property to him.

According to the prosecutor, Mr. Amoabeng fraudulently released the title document on the house to the late Alex Aidoo, to secure a loan facility at the Home Finance Company Bank (HFC), despite knowing that the house in question was still in the name of Madam Sawyne, as the purchase price had not been paid in full.