UT's Kofi Amoabeng charged with fraud

The Chief Executive Officer of UT Financial Services, Prince Kofi Amoabeng and a legal practitioner were on Monday put before an Accra Circuit Court for fraud.

While Amoabeng had been charged with fraud as to thing-pledged or taken in execution, John Aidoo, a lawyer, is being held for abetment of crime.


Amoabeng is accused of releasing title deed documents of one Naa Otuah Sawyne, which was in the custody of his bank to one Alexander Adjei, now deceased, to secure a loan of GH¢ 1,279,000 from HFC Bank.


When the case was called Amoabeng was not in court, but was represented by the company’s lawyer, who informed the court that Amoabeng had traveled out of the country.


In the case of Aidoo, the court admitted him to bail in the sum of GH¢ 300,000 with two sureties to reappear on September 3, after he had pleaded not guilty to the charge of abetment.


This was after Aidoo’s counsel had prayed the court, presided over by Mrs. Naa Adoley Azu, to admit him to bail as they were trying to resolve the matter with the complainant.

Prosecuting, Deputy Superintendent of Police Aidan Dery, said the complainant, Ms. Sawyne is a novelist residing at Dansoman in Accra.


DSP Dery said in October 2005, the complainant decided to sell her house at Number 23 Ringway Estate in Accra hence she entered into a sale and purchase agreement with the late Alexander Adjei.


Prosecution said the complainant and Adjei agreed on 280,000 dollars as the purchase price, which was to be paid in three installments, in October, November and December 2005.


On October 14, 2005, Adjei paid 100,000 dollars as agreed, but failed to pay for the remaining amount, the Prosecutor said.


According to DSP Dery, the complainant, being the vendor was due to travel to UK so she borrowed GH¢ 25,000 from UT Financial Services and used the title deed of her house as collateral.

The complainant, prosecution said, therefore prepared and signed a deed of assignment conditionally in respect of sale transaction with the understanding that, the final transaction will be witnessed by her lawyer one Martin Nwousu and handed over to the buyer upon full payment of the purchase price.


DSP Dery said however on May 22, 2006, Adjei now deceased, used the complainant’s title deed, which was at all the time in the custody of Amoabeng, to obtain a loan facility from HFC Bank.


On September 27, 2007, Amoabeng, without recourse to the complainant, wrote a letter to State Housing Company informing them that Adjei had purchased the complainant’s house and requested them to issue their consent to assign the property to Adjei.


Aiddo , the solicitor Secretary of SHC having records that the complainant owned property in question signed a letter of consent and gave consent to mortgage property on July 23, 2009, an act which he (Aidoo) had no capacity to do so.**