The renowned entrepreneur was put before court on Tuesday (January 14, 2020). Two charges were leveled against him. They are stealing and money laundering in the collapse of UT Bank Ghana Limited.

Justice Essandor granted him bail to the tune of GHC110 million with two sureties who earn not less than GHC2,000.

Mr Amoabeng is also to deposit his passport and report to the police twice a week as part of the bail conditions.

According to Justice Essandor, his decision was based on “sound advocacy” by lawyers of Kofi Amoabeng.

Prince Kofi Amoabeng was arrested today (Tuesday, January 14, 2020).

The co-founder of defunct UT bank was arrested in connection with the collapse of the bank on August 7, 2017.

Reports suggest that he was picked up in his office in Accra and sent to Circuit court four in Accra.

In August 2017, the Bank of Ghana revoked the licenses of UT bank and Capital bank due to insolvency.