The President of UT Holdings, Prince Kofi Amoabeng, has been arrested over allegedly allegations leading to the collapse UT bank.
According to sources, the Accra Circuit Court IV has slapped over twenty charges in relation to stealing, money laundering and misappropriating some millions of Cedis as his case is to be heard in court.
Attorney General, Gloria Akuffo, is expected to charge him for allegedly stealing and misappropriating some millions of Cedis which led to the collapse of his bank, UT Bank.
The popular business mogul made his first appearance in court around 11am.
The directors and shareholders have been accused of illegally approving loans and placing funds to themselves and related parties without the requisite collateral.
Background
Bank of Ghana has revoked the license of two commercial banks – UT Bank and Capital Bank.
The action has been triggered by the inability of the two banks to turn around their negative capital adequacy position which has lingered on for some time now.
The Bank of Ghana was forced to take this action based on provisions of the current Banking and Specialized Deposit Taking Institutions Act.
