Kofi Amoabeng Says One Of His Mangers Died Over UT Bank Collapse And Another Hawked Tiger Nuts

• The founder of the now-defunct UT Bank recounted in a touching 2019 video how one of his former staff hawked tiger nuts after the bank collapsed
• He also disclosed that one of the managers of the bank died due to the pressure from the collapse of the bank in 2017
• The Bank of Ghana closed the indigenous Ghanaian bank founded by Amoabeng over claims of supervisory weaknesses, regulatory breaches, and corporate governance failures

Prince Kofi Amoabeng, the founder of the now-defunct UT Bank, once bemoaned how one of his former workers took to selling tiger nuts by the roadside after the bank collapsed.

Amoabeng told the KSM Show in 2019 that the pain he felt over the Nana Akufo-Addo government's decision to close down his bank was severe but it is nothing compared to the pain he feels about the plight of his staff afterwards.

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“Last week, I went to the funeral of one of my managers who died and obviously died because of the pressure and things like that. I even met a staff of mine, not with the bank though, but because of the things that happened, who is now selling tiger nuts on the roadside; those things get to me,” he told KSM in the old video.

Kofi Amoabeng also said the collapse of the bank that he founded from his sweat took a major toll on his mental health, although it was not severe as some had thought.

The retired Captain of the Ghana Armed Forces told the KSM Show in the old video that the decision by the central bank to close down his bank did not make financial sense because it would have saved money if it bailed out UT Bank and struggling banks at the time.

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(In the Youtube video above, Kofi Amoabeng makes the disclosure from 9mins, 5secs onwards)

Why UT Bank Capital Bank was closed down by Bank of Ghana

The Bank of Ghana on Monday, August 14, 2017, made history when it revoked the operating licences of UT Bank Ghana Ltd and Capital Bank Ghana Limited.

For UT Bank, the central bank cited severe impairment of their capital and hence asked the GCB Bank to take over the UT Bank.

The Bank of Ghana further stated that an investigation into the business conduct of UT Bank by Boulders Advisors Limited disclosed various instances of supervisory weaknesses, regulatory breaches, corporate governance failures, insider dealings, and accounting and financial improprieties, among others.

But Kofi Amoateng said in a separate interview in 2021 that part of the reason to close down his bank was politically motivated.

Kofi Amoabeng sells mansion and Range Rover

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Meanwhile, YEN.com.gh reported in a separate story that Kofi Amoabeng revealed how he had to sell his mansion and Range Rover to avoid going broke.

He said currently, he owns only a shoe and a watch as he opened up on how life has treated him ever since his bank collapsed during the banking sector clean-up exercise.

Kofi Amoabeng was also full of gratitude to businessman and philanthropist Seidu Agongo for being the only Ghanaian who offered to assist him.

Source: YEN.com.gh