Former founder and CEO of UT Bank, Kofi Amoabeng
Former UT Bank founder and CEO, Captain Prince Kofi Amoabeng, has refuted allegations of misappropriating funds from the bank, describing the claims as baseless and illogical.
Speaking on Joy News’ PM Express Business Edition on Thursday, January 16, he stated that the accusations contradict the principles he upheld during his tenure as the bank’s leader.
“It started with investigations at EOCO, which took over a year, probably two years,” Kofi Amoabeng recounted.
He revealed that the charges, which he believes are unjust, stem from allegations of funds being transferred from UT Bank to UT Holdings during his tenure as CEO. However, Amoabeng argued that any such transactions would have been properly documented and subject to accountability mechanisms.
He emphasized the lack of evidence directly linking him to the alleged misappropriation, noting that no witnesses have provided proof implicating him.
“When witnesses were brought, no one had seen any signature of mine authorizing the movement of these investments. Nobody has seen me physically carrying money anywhere. So how could I have moved investors’ funds?” Amoabeng questioned.
Reflecting on the six-year legal battle, he expressed frustration with the prolonged process but remained hopeful for a fair resolution.
“I think it’s deliberate,” he remarked.
Amoabeng dismissed the notion that he could harm the institution he spent years building. Using a cultural analogy, he stated:
“It’s only in Africa that you might nurture and educate a child, and when that child dies, people will say the mother killed him. How could I, after toiling to build UT to this level, steal from it? It doesn’t make sense.”
He also attributed the public’s willingness to believe such allegations to societal negativity and a preference for bad stories.
Despite the challenges, Amoabeng remains determined to clear his name and defend the reputation of UT Bank.
“I have faith in the system, and I believe the truth will prevail,” he concluded.
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