Prince Kofi Amoabeng, a business mogul and co-founder of the now-defunct UT Bank, has claimed that UT Bank was not treated fairly by the Bank of Ghana when its license was revoked in 2017.
He claims that the central bank denied him the chance to make his case or bargain for a better arrangement.
This occurs subsequent to the central bank and Bank of Ghana revoking the licenses of UT Bank and Capital Bank, which were subsequently acquired by GCB Bank.
In response to the revocation, Kofi Amoabeng expressed regret to the bank’s employees and shareholders who lost their investments and means of subsistence in an interview with Bola Ray on Starr Chat.
“My institution was treated unfairly. Left me alone, I was fine but the shareholders, staffs who earned their daily bread from the company, that is what pained me,” he said.
Mr. Kofi Amoabeng described the events leading up to the bank’s revocation, saying that he had other options that might have prevented the bank from failing and that he was unaware of the reasons the BoG had rejected his proposal to recapitalize the institution.
He believed that the revocation procedure was badly executed and that it disregarded the interests of thousands of Ghanaian investors who had purchased his bank’s shares on the Ghana Stock Exchange.
UT Bank License Revocation
The institution was unfairly treated
— GHOne TV (@ghonetv) January 25, 2024
Meanwhile, even though he will no longer be able to live the life of luxury, Mr. Amoabeng claims he is content with his current circumstances and doesn’t worry too much about life.
Kofi Amoabeng disclosed he is comfortable and satisfied with where he lives currently after losing his big mansion in Adenta and almost everything he had.
According to Amoabeng, he has no one to impress so he is not worried about what people say about him.
He stated that he can live anywhere because he rose from nothing to something.