Explainer: Why Kofi Amoabeng was arrested

Explainer: Why Kofi Amoabeng was arrested

Founder and former CEO of defunct UT Bank, Prince Kofi Amoabeng was arrested on Tuesday, January 14, 2020.

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His arrest was in connection with the collapse of his bank in August 2017. Mr. Amoabeng was picked up in his office in Accra and immediately arraigned before court.

The Accra High Court granted him bail to the tune of GHS110 million with two sureties who earn not less than GHS 2,000.

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YEN.com.gh investigations show the former UT Bank CEO has been under investigations since the central bank revoked the license of his bank.

He has been charged with stealing and money laundering. Documents from the Bank of Ghana, sighted by this website indicate that Mr. Amoabeng stole more than Ghc51.3 million and $8.6million.

But he pleaded not guilty to stealing GHc51, 334, 306.08 and $8, 612, 829.20 respectively between 2009 and 2017.

The former UT Bank boss and other top banking officials and executives are been investigated by the EOCO for their roles leading to the collapse of some commercial banks in the country.

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Also, Mr William Ato Essien, the founder and former CEO of another defunct bank, Capital Bank, as well as his former MD, Rev. Fitzgerald Odonkor, and two other persons; Dr Tettey Nettey, the Managing Director of MC Management Services, a company said to be owned by Mr Essien, and Kate Quartey-Papafio, a businesswoman and Managing Director of Reroy Cables Company Limited, are also being prosecuted.

YEN.com.gh earlier reported that a former mayor of the Kumasi Metropolitan Assembly, Nana Akwasi Agyemang, is dead.

Information available shows that he lost his life at the Komfo Anokye Teaching Hospital at Kumasi in the Ashanti region.

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Per a report by Starrfm.com.gh, the popular royal and politician was being treated at the hospital when he lost his life.

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Source: YEN.com.gh

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