The Chief Executive Officer of UT Bank and Financial Holdings, Captain Prince Kofi Amoabeng (retd), has been arrested.
The Court, presided over by Justice Essandor, subsequently granted Amoabeng bail to the tune of GH¢110 million cedis with two sureties who earn not less than two thousand cedis.
UT Bank was deeply insolvent, meaning that their liabilities exceeded their assets, putting them in a position not to be able to meet their obligations as and when they fell due.
The Bank of Ghana (BoG) indicated that to protect customers, the BoG decided to revoke the licenses of UT Bank under a Purchase and Assumption transaction.
Their licenses were revoked and at the same time, the BoG approved a Purchase and Assumption Agreement, which allows GCB Bank to take over all deposit liabilities and selected assets of both UT Bank.
These actions according to the BoG are in line with the provisions of section 123 of the Banks and Specialised Deposit-Taking Institutions (SDIs) Act, 2016 (Act 930).