Court discharges Amoabeng on stealing, money laundering charges

Source The Ghana Report/Sefanam Agbobli

An Accra Circuit Court has discharged former Managing Director of defunct UT Bank, Prince Kofi Amoabeng.

Mr Amoabeng was earlier charged with stealing and money laundering.

The Police Prosecutor in the case, ASP Emmanuel Nyamekye on Wednesday, February 5,  2020, told the Court presided over by Judge Emmanuel Essandoh, that the State intends to file a fresh case against Mr Amoabeng at the High Court.

The judge subsequently obliged and discharged the accused businessman. This means Mr Amoabeng will no longer be tried at the circuit court.

The businessman is standing trial for his role in the collapse of UT bank.

The operational licence of the bank was revoked by the Bank of Ghana in 2018.

The Special Investigation Team (SIT) received a report from Price Waterhouse Coopers through the Governor of Bank of Ghana into suspicious transactions relating to UT Bank.

The UT Bank engaged in some off-balance-sheet transactions issuing investment certificates to investors in the name of the bank.

A total of GHc 51,334,387.08 and USD 8,612,829.33, were later transferred to UT Holdings.

The prosecution alleged that UT Bank issued an investment certificate in the name of the bank although the amounts were never credited to the customer’s account but transferred to UT Holdings.

It was also revealed that then Chief Executive Officer of UT Bank, Prince Kofi Amoabeng signed most of the customers’ investment certificates and subsequently transferred to UT Holdings.

Further investigations conducted also revealed that the customers’ monies were with UT Holdings.

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