Owners of defunct UT Bank, uniBank want licenses restored


…petitions Parliament to investigate BoG, GSE  

Former Chief Executive Officer (CEO) of UT Bank, Prince Kofi Amoabeng, and Founder of uniBank, Dr. Kwabena Duffuor have petitioned Parliament over the revocation of their banking licenses during the financial sector cleanup exercise.

This was contained in Parliament’s Business Statement.

According to the document, Mr. Kofi Amoabeng wants Parliament to investigate the conduct of the Bank of Ghana (BoG) and the Ghana Stock Exchange for the revocation of UT Bank’s license and delisting the bank without due regard to the rules of Administration Justice guaranteed under Article 23 of the 1992 Constitution.

He also wants the Legislature to direct the restoration of the banking license of the bank by the BoG, and for the Central Bank to remedy the harms done the shareholders’ property rights as a result of the BoG’s conduct.

Additionally, the former UT bank CEO appealed to Parliament to give other directives that the House may deem appropriate as regards the matter.

On his part, Dr. Duffuor also wants Parliament to investigate the conduct of BoG in the takeover, the appointment of an official administrator of the bank, and the circumstances surrounding the revocation of the bank’s license.

He also wants Parliament to restore the license of bank, and remedy the harms done the shareholders’ property rights as a result of the BoG’s conduct.

In 2017, the Bank of Ghana commenced the financial sector cleanup that resulted the revocation of licenses of UT Bank and uniBank.

The central bank explained that the banks were insolvent and also engaged in financial malfeasance.

Mr. Kofi Amoabeng has been accused by the state of mishandling depositors’ cash by engaging in some fictitious and unlawful activities which led to the collapse of UT Bank in 2017. The central bank revoked its license, and approved a takeover of its assets and liabilities by state-owned GCB Bank.

uniBank was put into administration by the BoG in 2018, and then consolidated with four other defunct banks as the Consolidate Bank Ghana (CBG).

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