The case of defunct UT Bank boss, Prince Kofi Amoabeng and defunct Capital Bank boss, Mike Nyinaku has been adjourned to February 5, 2020.
This follows a plea by the prosecution that they should be given two weeks to enable them file some documents that are key to the case.
At the sitting on Wednesday [January 22, 2020], the prosecution said the documents, which will serve as key evidence for its case will be made available to allow the trial to continue.
The judge, therefore, granted the request and adjourned the case to the first Wednesday in February 2020.
Why UT Bank lost its license
Prince Kofi Amoabeng and Mike Nyinaku are facing charges of stealing and money laundering.
This is in connection with alleged roles they played leading to the collapse of their respective banks — UT bank and Beige bank.
The Bank of Ghana on August 14, 2017, announced that it had revoked the license of UT Bank and ordered GCB Bank to take over its operation because it had severe capital impairment.
Provisional figures released by the central bank showed the total liability of UT Bank stood at GH¢850 million while its total asset was pegged at GH¢112 million.
The receiver for UT Bank, Eric Nana Nipah of PriceWaterCoopers (PwC) told Citi News in an earlier interview that it had sued UT and related companies to retrieve some GHS 100 million.
Why Beige Bank lost its license
The Bank of Ghana of Ghana also revoked the license of Beige Bank in 2018.
Beige Bank was said to have obtained a banking licence falsely.
An inventory asset and property report filed by the Receiver to the Bank of Ghana revealed that Beige Bank had total assets of GHS 494 million.
Out of the figure, GHS 282 million, representing 57% were loans and securities.
by Jonas Nyabor