The founder of UT Financial Services, Prince Kofi Amoabeng, has been arrested and charged over the theft of GHc51, 334, 3o6.08 and $8, 612, 829.20 respectively between 2009 and 2017 on 14th January, 2020.
Prince Amoabeng has pleaded not guilty to the charges. He has been granted bail of GHC110 million with two sureties who must be public servants earning not less than GHC2000. In addition, he is to report to the police twice a week – Monday and Friday. He was arrested in his office and processed for court for his role in the collapse of the bank in 2017.
The Bank of Ghana approved the takeover of Capital Bank and UT Bank by the GCB Bank Ltd. in 2017. A statement by the Central Bank stated that it has “approved the Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.”
