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Court drops all charges against MD of defunct UT Bank, Kofi Amoabeng

An Accra Circuit Court has discharged the former Managing Director of defunct UT Bank, Prince Kofi Amoabeng.

CEO of collapsed UT Bank Kofi Amoabeng arrested

This means that all current charges against him has been dropped.

Police Prosecutor, ASP Emmanuel Nyamekye told the Circuit Court Judge, Emmanuel Essandoh that the state will file a fresh case against Mr Amoabeng at the High Court.

The prosecutor made this known on Wednesday, 5th February 2020.

This implies that the trial will no longer continue at the Circuit Court. Judge Emmanuel Essandoh, obliged and discharged the accused person forthwith.

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Background

The renowned Ghanaian entrepreneur was arrested on January 14, 2020 in connection with the collapse of the bank on August 7, 2017.

He was granted bail that same day.

In August 2017, the Bank of Ghana revoked the licenses of UT bank and Capital bank due to insolvency.

The co-founder of UT bank after the collapse has taken responsibility for the collapse of his bank. He has also blamed the regulators of poor scrutiny leading to the challenges in the banking sector.

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In an interview in 2019, Mr Amoabeng accused the BoG of licensing all sorts of people without any proper checks causing the current crisis in the banking sector.

“In recent times, because of politics and the way we play politics, it’s a matter of ‘whom you know’. So licenses were issued anyhow in so many numbers to all sort of people. That is what caused the problem. The people were not checked properly.”

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