Kofi Amoabeng Speaks On The Collapse Of UT Bank

There has been a lot of revelations this week concerning the collapse of banks in Ghana.

Earlier this week, Pastor Mensa Otabil released a statement, explaining his side of the story.

see also: Pastor Mensa Otabil Finally Speaks On The Collapse Of Capital Bank

And now, a new revelation has been brought out by Mr. Kofi Amoabeng, Former CEO of UT Bank.

Mr. Kofi Amoabeng, in a statement he released yesterday has denied the reports that he took a loan of GHS 5 million without informing the board of the bank.

In the statement, he explained what the GHS 5 million loan was used for.

According to him, the amount was the money he made from the sale of his residence at Roman Ridge in Accra to Kofi Gyebi, who was one of the clients of the bank.

According to Mr. Amoabeng in his statement, he stated that due to the bank’s challenges at the time, he instructed that payment of the house be made to his personal bank account at UT Bank to help shore up the company’s liquidity.

Below is a copy of the full statement:


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.

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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