I did not divert GHC5m UT cash - ‘Deeply disturbed’ Amoabeng reacts

Former boss of defunct UT Bank has broken his silence over an investigative report into the operations of UT and Capital Banks which revealed that some payments were made to him Mr. P.K Amoabeng from a loan defaulting entity, Kofi Jobs Limited.

The loans which amounted to GHC 5m were allegedly never disclosed to the Board of the U.T Bank. The report also revealed that there was a significant amount of inter-group lending involving other subsidiaries of the holding company, UT Holdings, while connected party loans were made to some companies.

But Mr Amoabeng has defended himself stating that the amount involved was his personal money from the sale of a house.

In the response sighted by MyNewsGh.com, he said “due to UT Bank’s challenges at the time, I instructed that payment of the said house be made to my personal bank account at UT Bank to help shore up the company’s liquidity. I wonder then, how, my decision not to disclose payment of monies into my personal account for the purchase of my personal residence constitutes a misdeed as suggested by several news reports.”



The last one year has been a very challenging period for the UT family.
Personally, I have been deeply disturbed by events that preceded the collapse of UT bank and more so, some of the happenings that have unfolded after the takeover by the Bank of Ghana.
In truth, my heart bleeds as I struggle to come to terms with the fact that the organization we toiled so hard to build over 20 years ceases to exist.
A lot has been said over the period in question.



I have refrained from commenting on the developments for a number of
reasons including the fact that EOCO continues to investigate the
circumstances leading to UT Bank’s collapse.

However, I feel compelled to come out at this time following widespread
misrepresentation of the facts of the matter, particularly in relation to my
supposed withdrawal of some GHS 5 million, which, according to media
reports, I failed to disclose to my board.



1) Kofi Jobs Gyebi was a client of UT Bank who secured a loan facility
and subsequently paid off the loan with its accrued interest in full.

2) Mr. Gyebi, after paying off in full his commitment to the Bank,
expressed interest in purchasing my personal residence at Roman
Ridge in Accra, which I had put up for sale.

3) Due to UT Bank’s challenges at the time, I instructed that payment
of the said house be made to my personal bank account at UT
Bank to help shore up the company’s liquidity. I wonder then, how,
my decision not to disclose payment of monies into my personal
account for the purchase of my personal residence constitutes a
misdeed as suggested by several news reports.

4) It is instructive to note that the Boulders report, which was the source
document of the said news report indeed referenced my response to the
team that interviewed me on the same matter. On page 46 of the said
report, it states, “When Boulders Advisors Limited enquired about this
transaction, Mr P.K. Amoabeng indicated he had sold his personal
residence at Roman Ridge, Accra to Mr Kofi Jobs Gyebi.”
It is therefore curious that this was neither factored into the conclusion of
the Boulders report nor any of the widespread media reportage.

5) I’m saddened by the turn of events these past few months. Our brand was
guided by a vision of assisting Ghanaian businesses and individuals to
achieve their aims, based on sound values, principles, and discipline. We
had always envisioned growing this company into a steadfast,
international, Ghanaian-owned company. However, in our quest to
support Ghanaian businesses and individuals, the company had
challenges, and the central bank intervened.
6) The actions so far taken by the central bank have adversely affected the
operations of the remaining group of companies of UT. The UT brand
which was previously a superbrand a few years ago has been totally
defamed. The situation has for instance led to difficulties in the servicing
of payments due investors.

7) More importantly to me today though, is the inability of several workers
who once prided themselves as UT staff and now have little or nothing to
show for their years of dedication and service; the negative impact on the
other UT companies in the eyes of investors who believed in us and our
vision to see a Ghanaian owned company become a successful global
brand.
8) I will continue to co-operate with all state agencies probing the
development for finality to be brought to this matter.
God bless us all.

SIGNED
Prince Kofi Amoabeng