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Boulders Report: GHS 5million payment was for my personal house – Amoabeng clarifies

Board Chairman of defunct UT Bank, Prince Kofi Amoabeng, has cleared the air on his alleged role in activities that led to the collapse of the bank.

The business mogul has dismissed suggestions he took an amount of GHS 5 million meant for the servicing of a loan by a client and failed to disclose it to members of his board.

A statement released by Mr. Amoabeng Thursday night describes the claim as an untruth aimed at damaging his reputation. The statement further makes reference to how the misleading stories carried on various news portals and sourced to a report by Boulders Advisers Limited failed to capture his thoughts on the matter.

According to Mr. Amoabeng, he is at a loss as to why his response to investigators was “neither factored into the conclusion of the Boulders report nor any of the widespread media reportage.”

It adds, “on page 46 of the said report, it states, ‘when Boulders Advisors Limited enquired about this transaction, Mr. P.K. Amoabeng indicated he had sold his personal residence at Roman Ridge, Accra, to Mr. Kofi Jobs Gyebi.”

Prince Kofi Amoabeng has been in the news in the past weeks following an audit by the central bank into circumstances leading to the collapse of UT Bank.

Earlier reports had suggested Mr. Amoabeng had hidden the payment of some GHS 5million by a client from members of his board.

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But Mr. Amoabeng in this statement has refuted the claims insisting the money paid was for his personal residence which he had put up for sale.

The gentleman who purchased the building, Kofi Jobs Gyebi, according to the statement, had already paid in full, his commitment to the Bank at the time of purchase.

“Mr. Gyebi after paying off in full his commitment to the bank expressed interest in purchasing my personal residence at Roman Ridge in Accra which I had put up for sale. Due to UT Bank’s challenges at the time, I instructed that payment of the said house be made to my personal account at UT Bank to help shore up the company’s liquidity. I wonder then how my decision not to disclose payment of monies into my personal account for the purchase of my personal residence constitutes a misdeed as suggested by several news reports,” the statement reads.

 

Read below Prince Kofi Amoabeng’s full statement

NEWS RELEASE 16TH AUGUST, 2018

STATEMENT ON LATEST DEVELOPMENTS CONCERNING COLLAPSE OF UT BANK

The last one year has been a very challenging period for the UT family.

Personally, I have been deeply disturbed by events that preceded the collapse of UT bank and more so, some of the happenings that have unfolded after the takeover by the Bank of Ghana.

In truth, my heart bleeds as I struggle to come to terms with the fact that the organization we toiled so hard to build over 20 years ceases to exist.

A lot has been said over the period in question.

I have refrained from commenting on the developments for a number of reasons including the fact that EOCO continues to investigate thecircumstances leading to UT Bank’s collapse.

However, I feel compelled to come out at this time following widespread misrepresentation of the facts of the matter, particularly in relation to my supposed withdrawal of some GHS 5 million, which, according to media reports, I failed to disclose to my board.

Now, here are the facts of the matter.

  1. 1)  Kofi Jobs Gyebi was a client of UT Bank who secured a loan facility and subsequently paid off the loan with its accrued interest in full.
  2. 2)  Mr. Gyebi, after paying off in full his commitment to the Bank, expressed interest in purchasing my personal residence at Roman Ridge in Accra, which I had put up for sale.

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  1. 3)  Due to UT Bank’s challenges at the time, I instructed that paymentof the said house be made to my personal bank account at UT Bank to help shore up the company’s liquidity. I wonder then, how, my decision not to disclose payment of monies into my personal account for the purchase of my personal residence constitutes a misdeed as suggested by several news reports.
  2. 4)  It is instructive to note that the Boulders report, which was the source document of the said news report indeed referenced my response to the team that interviewed me on the same matter. On page 46 of the saidreport, it states, “When Boulders Advisors Limited enquired about thistransaction, Mr P.K. Amoabeng indicated he had sold his personal residence at Roman Ridge, Accra to Mr Kofi Jobs Gyebi.”It is therefore curious that this was neither factored into the conclusion of the Boulders report nor any of the widespread media reportage.
  3. 5)  I’m saddened by the turn of events these past few months. Our brand wasguided by a vision of assisting Ghanaian businesses and individuals to achieve their aims, based on sound values, principles, and discipline. We had always envisioned growing this company into a steadfast, international, Ghanaian-owned company. However, in our quest to support Ghanaian businesses and individuals, the company had challenges, and the central bank intervened.
  4. 6)  The actions so far taken by the central bank have adversely affected the operations of the remaining group of companies of UT. The UT brand which was previously a superbrand a few years ago has been totally defamed. The situation has for instance led to difficulties in the servicing of payments due investors.
  5. 7)  More importantly to me today though, is the inability of several workers who once prided themselves as UT staff and now have little or nothing to show for their years of dedication and service; the negative impact on the other UT companies in the eyes of investors who believed in us and our

vision to see a Ghanaian owned company become a successful global brand.

8) I will continue to co-operate with all state agencies probing the development for finality to be brought to this matter.

God bless us all.

SIGNED
Prince Kofi Amoabeng

 

 

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