Tag: UT Bank
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Banking sector cleanup: Allow the law to take its course – BoG Governor urges Parliament
The Governor of the Bank of Ghana, Dr. Ernest Addison, has asked Parliament to allow the law to take its course in the ongoing legal tussle regarding the revocation of licences of some financial institutions in the country. While the government has issued criminal proceedings against some shareholders of financial institutions whose licences were revoked,…
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Amoabeng, two former BoG officials, 3 others charged over UT Bank’s collapse
The state has dragged a former deputy governor of the Bank of Ghana, Dr. Johnson Asiama and a former Head of Banking Supervision, Raymond Amanfu alongside the founder of UT Bank, Kofi Amoabeng to court over their actions surrounding the collapse of UT Bank. The other persons joined to the suit include Catherine Johnson, a…
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State discontinues case against Kofi Amoabeng; new charges being prepared
The state has discontinued the case against the founder of now-defunct UT Bank, Prince Kofi Amoabeng at the Circuit Court. Kofi Amoabeng was facing charges of stealing and money laundering over his alleged role in the collapse of UT bank. According to the prosecution represented by ASP Emmanuel Nyamekye, they intend to file a fresh…
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No bank wanted to acquire toxic UT Bank — BoG
The Governor of the Bank of Ghana Dr. Ernest Addison has stated that before the central bank revoked the license of UT Bank, it was unsuccessful in getting a local bank to take over the reins of the Prince Amoabeng founded bank. According to him, the books of the bank were so bad that even…
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No witch hunt against UT, Capital banks – Addison
The Governor of the Bank of Ghana, Dr Ernest Addison has refuted suggestions that the collapse of both UT Bank and Capital Bank was a deliberate witch-hunt by the BoG. He says both banks were underperforming; hence the revocation of their licenses. According to the BoG boss, prior to the revocation, both parties showed an…
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Insolvency does not mean much — Ato Essien, founder of defunct Capital Bank
The founder of defunct Capital Bank, William Ato Essien has opened up on the revocation of the bank’s license in 2017 by the Bank of Ghana. Mr. Essien speaking on Good Evening Ghana programme on Accra-based Metro TV said although the central bank adjudged his bank as insolvent, it would have been able to turn…
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UT, Capital bank debtors given 3 month ultimatum to clear debts
Loan defaulters of defunct UT and Capital banks have till the end of March this year – 2019 to redeem their indebtedness to the banks. A newspaper publication lists ninety-one (91) companies and individuals who owe the two banks. The development comes at a time where some recoveries have been made which is being used…
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Ex UT, Capital bank workers to receive exit pay this week?
Former workers of Capital and UT banks are likely to receive their severance packages later this week if the Joint Receivers complete the processes on the modalities for payment. The representatives of the workers, that is, the Union of Industry, Commerce and Finance workers (UNICOF) are to meet the Joint Receivers for the payment plan. This…
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Capital, UT Bank collapse: PwC recovers 15% of total loan stock
The Joint Receivers of collapsed UT and Capital banks, PricewaterhouseCoopers (PwC), has disclosed that it has recovered fifteen percent (15%) of the total loan stock of the two banks. A statement on the progress of work done over the last one year said that the receivers are pursuing legal action against defaulters of loans of the…
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UT Bank collapse: Prince Amoabeng breaks one year silence
The Founder of defunct UT Bank, Prince Kofi Amoabeng has denied reports that he failed to account for 5 million cedis debt repayment to the Board which contributed to the revocation of the bank’s license in August 2017. In his major public comment after the revocation of the bank’s license over a year now, Mr.…