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

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.