Joseph Yeebo Sampana, the fifth prosecution witness in the trial of Prince Kofi Amoabeng, Chief Executive Officer of the defunct UT Bank, and others revealed that the three investments of Ghana Export-Import Bank (GEXIM) with UT Bank were consolidated by GCB Bank following the takeover of UT Bank.
After GCB Bank took control of UT Bank, the management teams of Exim Bank and GCB reached an agreement for GCB to assume control of all the investments previously held by Exim Bank in UT Bank. These investments amounted to GH¢25,877,825 in addition to another investment valued at GH¢5,133,729.
The witness is also a Treasurer with Exim Bank and filed the witness statement on June 24, 2020; and it was admitted without objection from all the accused persons. The accused, including Johnson Pandit Asiama, former Second Deputy Governor of the Bank of Ghana (BoG); Raymond Amantu, Head of the Banking Supervision Department at BoG; UT Holdings Limited, which had shares in UT Bank Ghana; Catherine Johnson, Head of Treasury; and Robert Kwesi Armah, General Manager of Corporate Banking at UT Bank, face various charges.
The charges include willfully causing financial loss, abetment of crime, contravention of the Bank of Ghana Act, fraudulently causing financial loss to the Republic, Fraudulent Breach of Trust, Deceit of a public officer, and fabrication of evidence. They have pleaded not guilty to the charges and were granted bail with various terms and conditions.
According to Mr. Sampana, the amount of GH¢4,475,246 initially with UT Holdings, was part of an initial investment amount of GH¢5,133,729 that was with UT Bank and not UT Holdings. Exim Bank only discovered that the amount had been transferred to UT Holdings in the latter part of 2017 when it received a UT Holdings certificate of investment instead of a UT Bank certificate of investment.
Mr. Sampana testified that UT Bank had a prior business relationship with the Export Development Agricultural and Investment Fund (EDAIF) before it became Exim Bank in March 2016. EDAIF started doing business with UT Bank when it operated as one of the Designated Financial Institutions (DFI).
“Based on approval from the Bank of Ghana for Exim Bank to operate as a DFI, Export Development Agricultural and Investment Fund (EDAIF) started giving out loans through UT Bank; and when funds were placed with UT Bank, EDAIF was issued certificates of placement by UT Bank,” he added.
During cross-examination, the witness clarified that he had been an employee of Exim Bank for the past 13 years and is a qualified Chartered Accountant with 12 years of experience, having studied Finance and Banking at the University of Ghana.
The witness presented evidence of an investment certificate from UT Bank, showing an initial amount of GH¢4,475,246, which was later rolled over and matured to GH¢4,703,548 on August 2017. He further stated that he possessed investment certificates with lower amounts before an appreciation to GH¢4,703,548.
The court ordered the witness to produce all Exim Bank’s rollover certificates in his possession at the next adjourned date. The case has been adjourned to October 17, 2023.
