Prince Amoabeng finally breaks silence over the Collapse of UT Bank

By Clement Edward Kumsah
UT Bank

The Founder of defunct UT Bank, Prince Kofi Amoabeng has denied reports that he failed to account for 5 million cedis debt repayment to the Board which contributed to the revocation of the bank’s license in August 2017.

In his major public comment after the revocation of the bank’s license over a year now, Mr. Amoabeng said he is saddened by the turn of events especially with the fact that the organization he toiled so hard to build over 20 years ceases to exist.

A statement from Prince Kofi Amoabeng, he said that the 5 million cedis transaction rather involved the purchase of his personal property which the buyer agreed to transfer payments to his [Prince Amoabeng’s] personal account with UT Bank at the time at the time.

UT Bank is one of the two banks that had their licenses revoked in August 2017.

Below is the full statement from the UT Bank founder


The last one year has been a very challenging period for the UT family.

Personally, I have been deeply disturbed by events that preceded the collapse of UT bank and more so, some of the happenings that have unfolded after the takeover by the Bank of Ghana.

In truth, my heart bleeds as I struggle to come to terms with the fact that the organization we toiled so hard to build over 20 years ceases to exist.

A lot has been said over the period in question.

I have refrained from commenting on the developments for a number of reasons including the fact that EOCO continues to investigate the circumstances leading to UT Bank’s collapse.

However, I feel compelled to come out at this time following widespread misrepresentation of the facts of the matter, particularly in relation to my supposed withdrawal of some GHS 5 million, which, according to media reports, I failed to disclose to my board.

Now, here are the facts of the matter.

1) Kofi Jobs Gyebi was a client of UT Bank who secured a loan facility and subsequently paid off the loan with its accrued interest in full.

2) Mr. Gyebi, after paying off in full his commitment to the Bank, expressed interest in purchasing my personal residence at Roman Ridge in Accra, which I had put up for sale.

3) Due to UT Bank’s challenges at the time, I instructed that payment of the said house be made to my personal bank account at UT Bank to help shore up the company’s liquidity.

CEO of defunct UT BANK

I wonder then, how, my decision not to disclose payment of monies into my personal account for the purchase of my personal residence constitutes a misdeed as suggested by several news reports.

4) It is instructive to note that the Boulders report, which was the source document of the said news report indeed referenced my response to the team that interviewed me on the same matter.

On page 46 of the said report, it states, “When Boulders Advisors Limited enquired about this transaction, Mr P.K. Amoabeng indicated he had sold his personal residence at Roman Ridge, Accra to Mr Kofi Jobs Gyebi.”

It is therefore curious that this was neither factored into the conclusion of the Boulders report nor any of the widespread media reportage.

5) I’m saddened by the turn of events these past few months. Our brand was guided by a vision of assisting Ghanaian businesses and individuals to achieve their aims, based on sound values, principles, and discipline.

We had always envisioned growing this company into a steadfast, international, Ghanaian-owned company. However, in our quest to support Ghanaian businesses and individuals, the company had challenges, and the central bank intervened.

6) The actions so far taken by the central bank have adversely affected the operations of the remaining group of companies of UT.

The UT brand which was previously a superbrand a few years ago has been totally defamed. The situation has, for instance, led to difficulties in the servicing of payments due investors.

7) More importantly to me today though, is the inability of several workers who once prided themselves as UT staff and now have little or nothing to show for their years of dedication and service; the negative impact on the other UT companies in the eyes of investors who believed in us and our vision to see a Ghanaian owned company become a successful global brand.

8) I will continue to co-operate with all state agencies probing the development for finality to be brought to this matter.

God bless us all.

Prince Kofi Amoabeng

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