Ofori-Atta borrowed from UT Bank when it was still operational - Kofi Amoabeng

• Kofi Amoabeng has stated Ken Ofori Atta took a loan from his financial institution when it was operational
• According to him, he took the loan when he was not yet a finance minister
• Amoabeng mentioned this during the tour of his book, THE UT STORY

The Chief Executive Officer of the defunct UT Financial Services, popularly known as UT Bank, Prince Kofi Amoabeng, has stated that the finance minister, Ken Ofori Atta took a loan from his financial institution when it was operational.

According to him, Ofori-Atta requested the loan right before the collapse of the institution, although he wasn't a minister at the time the bank went down.

Amoabeng stated in a book he has written titled, THE UT STORY, that Ofori-Atta came bearing their shares in Enterprise Insurance as collateral for a loan.

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Speaking in an interview with Kwami Sefa Kayi on Peace FM's 'Kokrokoo', he authenticated the claim.

He said he was not personally giving loans to people but rather the now finance minister went through a process like everyone who wanted a loan.

"I don't lie or you think they will say it's untrue. It's not just about me. I wasn't personally giving out the loans. I had a system and a structure and institution that granted the loans, so my entire staff were aware. So, it wasn't a situation of I took him to a room like it was done secretly. No! This is a UT Financial Services issue," he said.

The book titled 'THE UT STORY: Humble beginnings' is set to teach the youth and all Ghanaians about the hidden realities of UT Financial Services and some moral lessons for young entrepreneurs.

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Kofi Amoabeng however, encouraged those interested in knowing about what led to the downfall of UT Financial Services to grab a copy.

The collapse of UT bank

In August 2017, UT Bank, as well as Capital Bank, were collapsed and handed over to state-owned bank.

The reason for the closing down of the bank was because they had become highly insolvent despite receiving liquidity support from the Bank of Ghana totaling over GH¢1.4 billion.

In a report filed by Citinewsoom, according to a BoG report, the Bank had given loans to many of its related parties without due processes and given several other bad loans to external companies.

The report also cited poor governance structure; thus fewer than expected directors and a majority of directors who were not independent as expected.

Source: YEN.com.gh