Amoabeng hid GHC 5m loan payment from UT Board – Report

By on

An investigative report into the operations of now-defunct UT  and Capital Banks has revealed that some payments were made to former Chief Executive Officer and Director of U.T Bank, Mr. P.K Amoabeng from a loan defaulting entity, Kofi Jobs Limited.

The loans which amounted to GHC 5m were never disclosed to the Board of the U.T Bank.

The report also revealed that there was a significant amount of inter-group lending involving other subsidiaries of the holding company, UT Holdings,  while connected party loans were made to some companies as listed below:

  • Ibrahim Mahama’s Related Companies, amounting to GHC 261.4 m and US $ 6.4 m
  • Quincy Sintim’s Related Companies, amounting to GHC 84.1 m
  • Beige Group’s Related Companies, amounting to GHC 10.9m

“The bank sought a waiver of the Ibrahim  Mahama related companies’ single obligor violations by the Bank, yet undertook a pass through US $6.4 million transactions by giving Beige Capital Savings and Loans a US $5 million placement as guarantee for Beige to extend a US$5 million loan to Hodman Brothers,” the report said.

“Placing foreign currency with a savings and loans company is a breach of the Banking Law. Likewise, the extension of a United States Dollar loan facility by a savings and loans company was in breach of the banking regulations,” the report added.

Capital Bank board squandered BoG cash 

In the case of Capital Bank, it was alleged that the bank’s then-Board Chair, Dr. Mensa Otabil was party to the misuse of liquidity support given the bank by the Bank of Ghana (BoG), according to an investigative report sighted by Citi News.

The report cites an emergency board and Executive Committee meeting on October 13, 2015, over the use of GHc 610 million liquidity support to the bank which was struggling at the time.

The GCB in 2017, took over the two banks under a purchase agreement approved by the Bank of Ghana.

GCB Bank has since absorbed about four hundred workers.

 

Source: CNR

ABOUT: Ellsamwise King

[email protected]

A Civil/Structural Engineer & Freelance Blogger, Journalist, Social Media Mogul, Digital Marketer, Entrepreneur, and Philanthropist. CEO of Skyline Consortium & 9189 Media Consult and Co-Founder of Team Sarkodie. An alumnus of Prempeh College where he read General Science. He holds a first degree in Bachelor of Science from the Kwame Nkrumah University of Science and Technology. His mentors are Alvar Alto, Rupert Murdoch, Piers Mogan, Mensa Otabil, Bernard ElBernard Nelson-Eshun. Blogs for; http://www.233times.com | www.paemuka.com | http://www.playmusicgh.com | http://www.muzikiq.com | http://www.brandsaid.biz . Social Media Manager for Eon3 Group | BrandsAid | Kings Crown Media | Carabao Africa Ghana & Africa | Calvary Temple - ICGC | Team Sarkodie | Muzik IQ | Kwaw Kese Please inquire more via Email: [email protected] | [email protected] Instagram & Twitter: @wise_tskd Facebook: Ell Samwise LinkedIn: EllSamwise King Dogbe

view all posts by: Ellsamwise King  

ABOUT 233TIMES

233times.com is a Ghanaian media house which serves as a major source of exclusive interviews ,music and video downloads, news and more.

233times.com reports on major events,news covering entertainment, politics, sports, etc from within Ghana, Africa and beyond.

We have a platform for the amateur artistes to portray their staggering talents ...more...

WE ON SOCIAL MEDIA. FOLLOW US

facebook twitter youtube google plus linkedIn

To advertise with us or make enquiries, please visit 233times.com/advertise or call +233249455142 (Selorm), +233248185848 (Nana Kwesi)