The former CEO of defunct UT Bank Prince Kofi Amoabeng has denied media reports that he took $5 million loan without informing the bank’s board.

In a statement released Thursday night the first since the bank he retired from collapsed in 2017, explained the amount was money he made from selling his personal property at Roman Ridge in Accra and does not belong to the defunct bank.

“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,” Mr. Amoabeng said in a statement.