The business tycoon is part of businessmen whose banks were collapsed by the Bank of Ghana for financial malpractices resulting in the banks becoming insolvent.

He was arrested on the morning of Tuesday, January 14, 2020.

He has been accused of stealing more than GH¢51.3 million and money laundering.

He, however, pleaded not guilty to the charges leveled against him.

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.

Background

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).