Breaking: Kofi Amoabeng arrested

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Information reaching has it that banker and entrepreneur, Prince Kofi Amoabeng who co-founded UT bank, now defunct, has been arrested.

The arrest is in connection with the collapse of UT bank on August, 7, 2017 after it became insolvent.

JoyNews has reported that he was picked up in his office in Accra Tuesday morning and sent to Circuit Court Four.

Kofi Amoabeng along with William Ato Essien are two bank founders who lost their licences on the same day.

Already Ato Essien is standing trial on 26 charges including stealing of various sums in excess of ¢260 million.

The Managing Director of the bank, Fitzgerald Odonkor, and two other persons — Tettey Nettey, the Managing Director of MC Management Services, a company said to be owned by Essien, and Kate Quartey-Papafio, a businesswoman and Managing Director of Reroy Cables Company Limited are also being prosecuted.

Mr Amoabeng has blamed the challenges in the banking sector on the regulator’s poor scrutiny of the sector.

In an interview with JoyBusiness in August 2019, Mr Amoabeng said, banking licenses were issued anyhow and to all sort of people without proper checks causing the current crisis in the banking sector.

“In recent times, because of politics and the way we play politics, it’s a matter of ‘whom you know’. So licenses were issued anyhow in so many numbers to all sort of people. That is what caused the problem. The people were not checked properly”.

SOURCE: The GhanaReport.

Written by GhanaSlayers

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