Investors were ready to pump money into UT Bank but BoG didn't give us time- Kofi Amoabeng

Speaking on the KSM Show, the President of UT Holdings said the bank had proposals from some investors who were ready to pomp money into the company to keep it running.

He said: The government found us in that situation, [but] was this the best route to take because we had investors who were ready with some proposals.

"They decide that the best thing is to close down UT Bank which I find really difficult to take but from where they are sitting, they decide that was the best thing for the country."

He continued: "I don’t bear grudges but the point is, if as UT Bank we owed GH¢800 million and an investor comes and he says I’m ready to pay GH¢400 million [so] Bank of Ghana write off the [other] GH¢400 million, but BoG takes a decision to close down the bank which will cost the nation at least GH¢ 2.2 billion, it doesn’t make sense to me.

UT Bank had its license revoked in August 2017 by the central bank over liquidity challenges.

Commenting the first time on the revocation of the operating license of UT Bank, Mr Amoabeng said: "Personally, I have been deeply disturbed by events that preceded the collapse of UT bank and more so, some of the happenings that have unfolded after the takeover by the Bank of Ghana."

According to him, "In truth, my heart bleeds as I struggle to come to terms with the fact that the organization we toiled so hard to build over 20 years ceases to exist."