Former Directors of UT Bank have failed to appear before the Economic and Organized Crime Office after they had been summoned to a meeting scheduled to take place Wednesday, March 28, 2018.
The former directors were expected to answer questions on their respective roles in the collapse of the Bank following findings of an investigative report presented to the Bank of Ghana.
However, UT Bank directors were reportedly absent as at 12 midday, when the meeting was scheduled for 9:30 am.
It is however yet to be ascertained the reason for their absence.
Former Directors of Capital Bank which also collapsed alongside UT Bank are also expected to appear before EOCO next Wednesday, while Managers of Unibank which was recently taken over by the Bank of Ghana with KPMG as the administrator, will also be invited by EOCO in due course.
In August 2017, the Bank of Ghana revoked the Licences of UT Bank Ltd and Capital Bank Ltd. The action, according to the Central Bank became necessary due to severe impairment of their capital and excessive liabilities.
Bog Governor, Dr Ernest Addison has said the collapse of UT Bank was as a result of a lack of good corporate governance.
The BOG therefore approved a “Purchase and Assumption Agreement†that saw the transfer of all deposits and selected assets of UT and Capital to GCB Bank Ltd. The remaining assets and liabilities of Capital and UT bank are in the process of being sold and settled through a “receivership†process under the supervision of Messrs Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC).
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