Defunct UT Bank founder, Kofi Amoabeng, five others slapped with 42 new charges

The founder of defunct UT Bank, former Deputy Governor of the Bank of Ghana (BoG), UT Holdings Limited and three others have been charged by the state with 42 counts of offences for their roles leading to the collapse of UT bank in 2017.

CEO of collapsed UT Bank Kofi Amoabeng arrested

Prince Kofi Amoabeng, John Pandit Asiama, Raymond Amanfu, UT Holdings Limited, Catherine Johnson and Robert Kwesi Armah have jointly been cited in an Accra High Court document dated February 5.

The state prosecutors on Wednesday, February 5, 2020, dropped charges of stealing and money laundering against Mr Amoabeng.

Prosecutor, ASP Emmanuel Nyamekye told the Accra Circuit Court that the state intends to file fresh charges against him in the High Court. To this effect, trial judge, Emmanuel Essandoh, discharged the accused.

In fresh action, the state slapped new charges on the UT founder and five others.

Johnson Pandit Asiama, the first accused person, who was the second Deputy central bank Governor between May 2016 and December 2017. Raymond Amanfu, the 2nd accused person, was the Head of Banking Supervision Department (BSD) at BOG from 2014 to October 2017. UT Holdings Limited (UT Holdings), the 3rd accused person, is a holding company which held shares in UT Bank Ghana Limited (UT).

Prince Kofi Amoabeng, the 4th accused person, was the Chief Executive Officer (CEO) of UT from its inception in 2009 until his retirement on 31st December 2015 and is a shareholder and director of UT Holdings. Catherine Johnson, the 5th accused person, was the Head of Treasury who had also acted as the Head of Corporate Banking of UT. Robert Kwesi Armah, the 6th accused person, was the General Manager of Corporate Banking of UT.

According to the state, by an agreement dated November 1, 2013, UT granted a credit facility of $15 million to Lushann International Energy Ghana Ltd (Lushann) for the purchase of crude oil to be supplied to Petraco Oil Company (Petraco) by Lushann. As security for the facility, Lushann assigned the stock to UT.

In furtherance of the supply of the crude oil to Petraco, Lushann chartered a vessel called Olympic Faith owned by Melville Enterprises SA (Melville), a Liberian company which was contracted by Lushann to receive the crude oil for onward delivery to Petraco.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Amazing transformation of 21-year-old man bullied for being born different (video)

Amazing transformation of 21-year-old man bullied for being born different (video)

Abel Mutua's movie makes over Sh4M in 5 days

Abel Mutua's movie makes over Sh4M in 5 days

Sh79,000 per month jobs for Kenyans without degrees

Sh79,000 per month jobs for Kenyans without degrees

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

5 things you should never do to please a woman

5 things you should never do to please a woman

British MP claims she didn't know her flat was owned by the Kenyatta family

British MP claims she didn't know her flat was owned by the Kenyatta family

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Tiwa Savage breaks silence after her raunchy tape leaked online [Screenshot]

Tiwa Savage breaks silence after her raunchy tape leaked online [Screenshot]

Diamond Platnumz splashes Sh5.2 Million on new Gold & Diamonds Chain [Video]

Diamond Platnumz splashes Sh5.2 Million on new Gold & Diamonds Chain [Video]