Former founder and Chief Executive Officer for defunct UT Bank, Prince Kofi Amoabeng has finally revealed the real reasons for the collapse of UT Bank.
According to Mr Amoabeng, a number of reasons including raw acts of thievery by some staff of the now-defunct bank as well as high levels of non-performing loans are the reasons for the bank’s collapse.
In a yet-to-be aired interview with Kwabena Kyenkyenhene Boateng on Accra-based MX 24 TV, Mr Amoabeng claimed that a number of people who joined the bank were “plain thieves” who engaged in acts that compromised the bank. When asked about whether or not he anticipated a takeover of the Bank due to the high levels of non-performing loans, Mr Amoabeng answered in the negative.
“I knew the baby was sick to the point that I had to step out for another one to step in as CEO to restructure. I wasn’t expecting the baby to die because of the brand we had created and the impact we had created and had on the economy”
Mr Amoabeng cited loans such as ones disbursed to Ibrahim Mahama’s Dzata cement and Mr Mahama’s inability to pay those loans as some of the reasons why the bank ‘fell into trouble’.
Though he recounts all of these rather troubling times, Mr Amoabeng says he does not regret his decision to advance such a loan facility to companies belonging to the former President’s brother.
On promises by former President Mahama to return collapsed banks to their owners if given the nod in the December polls, Prince Kofi Amoabeng said such promises were not feasible adding that they are only good for the ears.
The full interview of Prince Kofi Amoabeng airs this Saturday and Sunday, November 7 and 8 at 6:00 pm on Accra based MX 24 TV.
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