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The former chief executive officer (CEO) of the defunct UT Bank, Prince Kofi Amoabeng, says the high level of non-performing loans contributed significantly to the bank’s collapse.
He added that acts of theft by some staff members also influenced the liquidation of the bank.
Amoabeng, in an interview with the media in Accra, alleged that several staff members who joined the financial institution were “simple thieves” who participated in acts that compromised the financial health of the bank.
When asked whether or not he anticipated an acquisition due to the delinquent loans, Amoabeng responded negatively, saying; “I knew the baby was sick to the point where I had to step up to have someone else step in as CEO to restructure it.
“I didn’t expect the baby to die because of the brand we had created and the impact it was having on the national economy.”
Amoabeng cited loans, including those disbursed to Ibrahim Mahama’s Dzata cement company, and non-payment as some of the reasons that caused problems for the bank.
However, Amoabeng said that he never regretted his decision to advance the credit line to Dzata Cement, which belonged to former President Mahama’s brother.
On former President Mahama’s promises to return the collapsed banks to their owners if he wins the December elections, Amoabeng said such promises were not feasible, saying; “Such promises are only good for the ears.”
Source: GNA
