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UT boss recounts how Ken Ofori-Atta requested for loan prior to collapse of institution

Finance Minister, Ken Ofori-Atta and Prince Kofi Amoabeng, Founder of defunct UT Financial Services

Tue, 16 Nov 2021 Source: www.ghanaweb.com

Kofi Amoabeng explains why UT Bank was shutdown

Ken Ofori-Atta, Keli Gadzekpo requested loan from UT Bank, Amoabeng

UT Bank declared insolvent by the Central Bank


Captain Prince Kofi Amoabeng (Rtd), the founder of defunct Unique Trust Financial Service, has shared some details on how the current Finance Minister, Ken Ofori-Atta, and his associate Keli Gadzekpo of Enterprise Group Limited, once requested a loan facility from him.

According to details captured in his self-authored book, 'The UT Story: Humble Beginnings', the request took place before the collapse of UT Financial Services.

In an interview on Peace FM’s Krokokoo Morning Show, Host, Kwami Sefa Kayi reading some excerpts from the book said, “Ken Ofori-Atta and his partner, Keli Gadzekpo came to me bearing their shares in Enterprise Insurance as collateral for a loan.”

“…So, Ken and Keli came to you for loans,” Sefa Kayi quizzed Kofi Amobeng.

In response, the UT founder said, “I don't lie or you think they will say it's untrue. It's not just about me. I wasn't personally giving out the loans. I had a system and a structure and institution that granted the loans, so my entire staff were aware…so, it wasn't a situation like I took him [Ken Ofori-Atta] to a room like it was done secretly, No! This is a UT Financial Services issue”

He further authenticated the period of this event saying, Ken Ofori-Atta was not yet named the finance minister at the time.

As part of a regulatory crackdown in 2017 by the Bank of Ghana, the Central Bank revoked the operating licence of some financial institutions of which UT Financial Services was a part.

The loan and deposit-taking institution, according to the central bank was declared insolvent as its reason for the shutdown.

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Source: www.ghanaweb.com
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