(PRESS RELEASE) Former UT Bank CEO Prince Amoabeng breaks long silence: The GH¢ 5M I withdrew from UT Bank was my personal money


Mr. Prince Kofi Amoabeng, former CEO of UT Bank has broken his long silence concerning matters arising in relation to the operations that led to the collapse and subsequent take over of UT Bank by Bank of Ghana. 

The former Chief Executive of UT Bank revealed that his heart bleeds as he is still struggling to come to terms with the fact that a company he and his team toiled and sweated to build for 20 years ceased to exist.

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Mr. Amoabeng has said that he decided not to comment on the issue, but has been compelled to break his silence due to the widespread falsehood making the rounds in the media circles, particularly concerning an alledged withdrawal of GH¢ 5M he made from the bank. He insists that the said money is his proceeds he made from the sale of his personal property. 

He added that he’ll continue to co-operate with all the agencies investigating the matter so that a conclusion will be reached.

Read his statement below; 


NEWS RELEASE                                                          16TH AUGUST, 2018


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 the circumstances 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) 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) 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.

3) Due to UT Bank’s challenges at the time, I instructed that payment of 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. 

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 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.”

It is therefore curious that this was neither factored into the conclusion of the Boulders report nor any of the widespread media reportage.

5) I’m saddened by the turn of events these past few months. Our brand was guided 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.

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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.

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 weill continue to co-operate with all state agencies probing the development for finality to be brought to this matter.

God bless us all. 


Prince Kofi Amoabeng



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