Kofi Amoabeng says UT Bank could’ve survived if Bank of Ghana had given it time

Kofi Amoabeng says UT Bank could’ve survived if Bank of Ghana had given it time

The President of UT Holdings, Prince Kofi Amoabeng, has opened up on the Bank of Ghana's decision to close down the UT Bank, a bank he founded.

According to Amoabeng, the defunct UT Bank could have survived if the Bank of Ghana had given them time to turn around its operations.

Though the UT Holdings boss admitted there were some challenges with the bank’s corporate governance structures, believed there were other ways to solve the problems than closing down the bank.

Kofi Amoabeng says UT Bank could’ve survived if Bank of Ghana had given it time

Kofi Amoabeng and BoG Governor Dr Ernest Addison
Source: Original

In an interview on the KSM Show on Accra-based Metro Television which was first reported by Citinewsroom.com, Amoabeng said the decision to close down the bank cost the country more.

READ ALSO: Dumelo and wife dance happily as celebrities attend their son's outdooring (Photo, Videos)

"The government found us in that situation, [but] was this the best route to take because we had investors who were ready with some proposals. They decide that the best thing is to close down UT Bank which I find really difficult to take but from where they are sitting, they decide that was the best thing for the country.

"I don’t bear grudges but the point is, if UT Bank we owed GH¢800 million and an investor comes and he says I’m ready to pay GH¢400 million [so] Bank of Ghana write off the [other] GH¢400 million, but BoG takes a decision to close down the bank which will cost the nation at least GH¢ 2.2 billion, it doesn’t make sense to me,” he reportedly said.

The President of UT Holdings, however, said he does not bear grudges over the situation, and the defunct bank takes responsibility for the failure of the financial institution.

READ ALSO: Becca dances excitedly with her big belly in video from her baby shower

“We had run our company down therefore we were vulnerable and therefore the government had to step in as it deemed fit….UT must take the blame first.”

On August 14, 2017, the bank of Ghana announced that it had revoked the license of UT Bank and that it was being taken over by GCB Bank because it had a severe capital impairment.

Mr. Amoabeng who refrained from commenting about the development in a statement a year later expressed regret about the happenings surrounding the collapse of the bank and promised to cooperate with investigations into the collapse of the bank.

READ ALSO: Beautiful photos drop as son re-marries parents after 32 years of separation

“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. I will continue to co-operate with all state agencies probing the development for finality to be brought to this matter,” he said.

Yenkasa: Fond Memories of Ebony Reigns a Year After Her Death | #Yencomgh:

Subscribe to watch new videos

Do you have a story to share with us? Inbox us on our Facebook/Instagram page and we could feature your story.

Click here to get the latest exciting English Premier League news. Get match highlights, reports, photos & videos all in one place

Source: Yen.com.gh

Related news
Trotro business; husband and wife working together as driver and mate(Photos)

Trotro business; husband and wife working together as driver and mate(Photos)

Trotro business; husband and wife working together as driver and mate(Photos)
YEN.com.gh
Mailfire view pixel