Prince Kofi Amoabeng
The Chief Executive Officer (CEO) of insolvent UT Bank, Prince Kofi Amoabeng, has been slapped with fresh charges by the Attorney-General’s Department for his alleged role in the collapse of his bank which led to depositors losing money.
Mr. Amoabeng was initially put before an Accra Circuit Court on two counts of stealing and money laundering in the sum of GH¢51,334,338.08, and another $8,612,829.33 from UT Bank between 2009 and 2017 to which he pleaded not guilty and was granted bail by the court.
But the case was withdrawn by the state yesterday by the prosecution and he was subsequently discharged by the court presided over by Justice Emmanuel Essandoh, a High Court judge, sitting with additional responsibility as Circuit Court judge.
The A-G’s Department has since filed a fresh charge sheet at the High Court in which Mr. Amoabeng and five others, including former Deputy Bank of Ghana (BoG) Governor Dr. Johnson Pandit Asiama, are facing a total of 42 charges this time around.
Mr. Amoabeng is alleged to have transferred the investment of some 15 companies totalling GH¢51,334,387.08 and $8,799,917 from UT Bank to UT Holdings, a company he owns without the knowledge and consent of the investors.
Johnson Pandit Asiama has also been charged alongside the former UT boss. He is accused of allegedly causing financial loss to the state by approving GH¢460 million liquidity support for UT Bank without following laid-down procedures.
Suspects
Apart from Mr. Amoabeng and Dr. Asiama, other persons charged are Raymond Amanfu, former Head of Banking Supervision Department (BSD) at BoG from 2014 to October 2017 (UT Holdings Limited); Catherine Johnson, former Head of Treasury, who had also acted as the Head of Corporate Banking of UT and Robert Kwesi Armah, a former General Manager of Corporate Banking of UT.
Charges
The accused persons are facing a total of 42 charges including fraudulent breach of trust, abetment of crime and causing financial loss to the state.
Mr. Amoabeng is also facing charges of fabrication of evidence with intent to pervert the cause of justice in a document containing a false statement that an amount of $7,000,000 had been deposited into an escrow account in the name of the Registrar of the High Court with intent to mislead a Justice of the High Court in a judicial proceeding.
Facts
The fact as filed at the registry of the Accra High Court indicates that an Accra High Court had ordered that a cargo be sold and $7 million out of the proceeds deposited in an escrow account with UT in the name of the Registrar of the High Court at an interest rate of 2% per annum, pending the final determination of the matter between Lushann International Energy Ghana Ltd (Lushann) and Melville Enterprises SA.
A letter dated 21st February 2014 addressed to the Registrar of the High Court and under the hands of the 4th accused person and Gwendy Miranda Bannerman, the Head of the Legal Department of UT, confirmed the opening of the account and the payment of the sum of $7 million into the account as ordered by the court. Subsequently, UT submitted to the Registrar a statement of account and purported details of a call investment signed by the 5th and 6th accused persons and one Stephen Azumah which turned out to be false.
It said investigations conducted in the course of the receivership of UT revealed that investments totalling GH¢51,334,387.08 and $8,799,917 placed with UT by some 15 companies had been transferred to UT Holdings by UT without the knowledge and or consent of the companies.
According to the prosecution, it was established that UT Holdings did not have a licence to take deposits and investments.
It said by a letter dated April 28, 2016, UT requested additional liquidity support in the sum of GH¢650 million from BoG.
Upon the recommendation of Mr. Amanfu, Dr. Asiama approved an unsecure liquidity support facility of GH¢460 million without following prescribed mandatory statutory conditions.
It added that by the same letter, UT also requested a waiver of single obligor limits for Letters of Credit in respect of MBG Limited in the sum of GH¢45.8 million, Kofi Jobs Limited in the sum of GH¢46.9 million and Holman Brothers Limited in the sum of GH¢48.5 million.
Again, upon the recommendation of the Raymond Amanfu, Mr. Asiama without following prescribed mandatory statutory conditions, gave approval for single obligor waiver in respect of Letters of Credit previously granted by UT to its customers amounting to GH¢141,090,000.
It added that out of the BoG liquidity support of GH¢460 million, GH¢413.09 million remains due to BoG.
BY Gibril Abdul Razak