More troubles for UT Bank as GSE takes them off stock exchange for failure to publish financial statements

More troubles for UT Bank as GSE takes them off stock exchange for failure to publish financial statements

Following their sale to the Ghana Commercial Bank, it seems Prince Kofi Amoabeng's "UT Bank" is still facing more troubles as the Ghana Stock Exchange has taken steps to remove them for the list.

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In a release, the GSE listed some reasons why the suspension of UT Bank was necessary.

READ ALSO: Sammy Awuku charges gov't to employ the youth

The statement read “it [UT Bank] failed to publish its financial results since the end of its financial year December 31, 2015.".

More troubles for UT Bank as GSE takes them off stock exchange for failure to publish financial statements

More troubles for UT Bank as GSE takes them off stock exchange for failure to publish financial statements

According to the statement, such behaviour from UT Bank was "in breach of the continuing listing obligations under the GSE Listing Rules."

Find below the full statement

The Ghana Stock Exchange (GSE) has with effect from Monday, August 14, 2017 suspended the listing status of UT Bank Limited indefinitely.
UT Bank has failed to publish its financial results since the end of its financial year December 31, 2015. The non-publication is in breach of the continuing listing obligations under the GSE Listing Rules.
The GSE has collaborated closely with Bank of Ghana (BoG), the regulator for banks on this matter.
UT Bank Airport

UT Bank Airport

The suspension has also become necessary due to the revocation of the licence of UT Bank by BoG effective Monday, August 14, 2017 in a letter to the Exchange dated August 11, 2017.
In the said BoG letter, the BoG has approved a purchase and assumption agreement by GCB Bank Limited to acquire the total deposit liabilities and some selected good assets of UT Bank.
The GSE will continue to collaborate closely with BoG and the Securities and Exchange Commission to ensure that the interest of shareholders of UT Bank are protected in accordance with the GSE Rules and any guidelines or notices that may be issued by BoG.

READ ALSO: Ghana graduates have questionable certificates - UT Bank founder

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