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Business News of Wednesday, 14 December 2022


Banking sector clean-up: State will not relent in retrieving depositors funds – Deputy A-G

Alfred Tuah-Yeboah is a deputy Attorney General and Minister for Justice play videoAlfred Tuah-Yeboah is a deputy Attorney General and Minister for Justice

A Deputy Attorney-General and Minister of Justice, Alfred Tuah-Yeboah has reiterated that government will not relent in prosecuting persons found to have caused the banking sector clean-up exercise.

According to him, there are a number of former bank owners who are currently facing prosecution with the view of retrieving the locked-up funds.

They include; Dr. Kwabena Duffour of uniBank and Kofi Amoabeng of UT Bank, Micheal Nyinaku of Beige Bank Limited among others.

In an interaction with journalists outside an Accra High Court on December 13, the Deputy A-G said the State will not rest until depositors’ funds are duly retrieved.

“The State cannot spend over GH¢25 billion and allow people to use depositors’ funds on their families and enjoy out of it. We are ready and willing to pursue every Cedi that the state has used in paying back depositors,” Alfred Tuah-Yeboah stressed.

With regards to ongoing cases, the Deputy A-G said the defunct UT Bank is in court while some persons involved in that of uniBank and Beige Bank's collapse are also currently in court.

“We are also looking at the Savings and Loans and Microfinance Companies. In fact, EOCO and other investigative bodies have done so much and extensive work on these institutions. So, we are preparing the dockets. Our mission is to prosecute and possibly recover”, the deputy A-G earlier told Accra-based Citi News.

Meanwhile, an Accra High Court has accepted the GH¢90 million repayment terms for a restitution deal between state prosecutors and William Ato Essien, who is the founder of the defunct Capital Bank.

This is however a change from the Court's earlier stance.