State prosecutors have dropped charges of stealing and money laundering against the founder of defunct UT Bank, Prince Kofi Amoabeng.
Prosecutor, ASP Emmanuel Nyamekye told the Accra Circuit Court today that the state intends to file fresh charges against Mr Amoabeng in the High Court, Joy FM has reported. To this effect, trial judge, Emmanuel Essandoh, discharged the accused.
Amoabeng is being accused by the state of mishandling depositors’ cash by engaging in fictitious and unlawful activities which led to the collapse of UT Bank in 2017. The central bank revoked the license of UT bank and approved a takeover of its assets and liabilities by state-owned GCB Bank.
Since then, Prince Kofi Amoabeng has been a subject of police investigations. He was arrested on January 14, 2020 and prepared for court the same day. He was, however, granted a GH¢110 million bail.
The Special Investigation Team (SIT) of the police received a report from PricewaterhouseCoopers Gh. Ltd through the Governor of Bank of Ghana into suspicious transactions relating to UT Bank.
– According to the report, the UT Bank engaged in some off-balance-sheet transactions log – issuing investment certificates to investors in the name of the bank. However, these amounts totaling GHc51,334.387.08 and $8,612,829.33 were later transferred to UT Holdings.
