Kofi Amoabeng breaks silence a year after collapse of UT Bank
Prince Kofi Amoabeng has broken his silence on the collapse of UT Bank and said he was quiet and refrained
from commenting on the developments for a number of reasons including
the fact that the Economic and Organised Crime Office (EOCO) was
continuing with investigations on the circumstances leading to UT Bank’s collapse.
In a statement issued, Thursday evening, Mr Amoabeing said: "I will continue to co-operate with all state agencies probing the development for finality to be brought to this matter."
NEWS RELEASE 16TH AUGUST, 2018
STATEMENT ON LATEST DEVELOPMENTS CONCERNING COLLAPSE OF UT BANK
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.
Now, here are the facts of the matter.
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
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