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Saturday, November 27, 2021

Kofi Amoabeng reveals why he has no regrets over UT Bank’s collapse

The Chief Executive Officer of defunct UT Bank, Prince Kofi Amoabeng, has revealed he has no regrets venturing into the banking sector.

Despite the challenges the bank was faced with, Mr Amoabeng is of a strong view it made him a better version of himself.

To him, he has now acquired a lot of knowledge and expertise he is willing to impart to the younger generation and those who need to listen.

“Sometimes you need people to support you for you to believe in yourself. We all make mistakes and you need to take responsibility for them but I have no regrets at all.

“I don’t think I am even done when it comes to business but I am not in a rush to prove anything,” he said on Accra-based Peace FM.

Mr Amoabeng stressed he was grateful to God for the strength with which he has been able to withstand all the difficult moments in his life.

“I thank God I am in good health and he has taken me through all these. My life has been useful to some people and I will keep on being available to all those who want to see me and tap into the knowledge I have,” he added.

The Bank of Ghana on Monday, August 14, 2017, revoked the licences of UT and Capital banks due to their insolvency, leading to a seamless takeover of the two banks by GCB Bank.

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UT Bank, which was trading on the Ghana Stock Exchange, had its listing status also suspended.

Provisional figures released by the Central Bank showed the total liability of UT Bank stood at GH¢850 million while its total asset was pegged at GH¢112 million.

Mr Amoabeng has since the revocation of the licence of UT Bank been a subject of investigations for what the Bank of Ghana has termed as “willful deceit”.

However, Mr Amoabeng in March 2021, petitioned Parliament over the revocation of his licence.

The Legislature is to conduct an investigation into the conduct of the Central Bank and Ghana Stock Exchange for the revocation of UT Bank’s license and delisting the bank without due regard to the rules of Administrative Justice guaranteed under Article 23 of the 1992 Constitution.

The disgruntled Chief Executive also wants Parliament to direct the restoration of his bank’s license and remedy the harm done to the shareholder’s property right as a result of the conduct of the BoG.

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