State discontinues case against Prince Kofi Amoabeng

The Accra Circuit Court has discharged Prince Kofi Amoabeng, the founder of the defunct UT Bank, who was standing trial for allegedly stealing more than Gh₵51million of customers’ money.

Amoabeng was discharged after the prosecution discontinued the case at the circuit court.

The prosecutor, Assistant Superintendent of Police (ASP) Emmanuel Nyamekye, informed the court today that the prosecution intends to file a fresh case at the High Court.

The court, presided over by Justice Emmanuel Essandoh, therefore, discharged the businessman.

Background

Amoabeng was standing trial for allegedly stealing about GH¢100 million from customers of the defunct UT Bank.

He was said to have invited people to invest with the bank, but failed to credit the investors’ accounts and rather transferred the money to UT Holdings, the parent company of the defunct bank.

According to the prosecutor, the said transaction was part of a report by the auditing firm, PricewaterhouseCoopers (PwC), which looked into “suspicious transactions” relating to the defunct bank.

The prosecutor made a case that GH¢51.33 million and $8.61 million were transferred from UT Bank to UT Holdings.