{"id":10332,"date":"2018-08-08T21:58:30","date_gmt":"2018-08-08T21:58:30","guid":{"rendered":"http:\/\/kumasionlinegh.com\/?p=10332"},"modified":"2018-08-08T21:58:30","modified_gmt":"2018-08-08T21:58:30","slug":"amoabeng-hid-ghc-5m-loan-payment-from-ut-board-report","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=10332","title":{"rendered":"Amoabeng hid GHC 5m loan payment from UT Board \u2013 Report"},"content":{"rendered":"<p>An investigative report into the operations of now-defunct UT \u00a0and 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.<\/p>\n<p>The loans which amounted to GHC 5m were never disclosed to the Board of the U.T Bank.<\/p>\n<p>The report also revealed that there was a significant amount of inter-group lending involving other subsidiaries of the holding company, UT Holdings, \u00a0while connected party loans were made to some companies as listed below:<\/p>\n<ul>\n<li>Ibrahim Mahama\u2019s Related Companies, amounting to GHC 261.4 m and US $ 6.4 m<\/li>\n<li>Quincy Sintim\u2019s Related Companies, amounting to GHC 84.1 m<\/li>\n<li>Beige Group\u2019s Related Companies, amounting to GHC 10.9m<\/li>\n<\/ul>\n<p>\u201cThe bank sought a waiver of the Ibrahim\u00a0 Mahama related companies\u2019 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,\u201d the report said.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/kYBWc51cQAE\" width=\"654\" height=\"368\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p>\u201cPlacing 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,\u201d the report added.<\/p>\n<p><strong>Capital Bank board squandered BoG cash\u00a0<\/strong><\/p>\n<p>In the case of Capital Bank, it was alleged that the bank\u2019s\u00a0then-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.<\/p>\n<p>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.<\/p>\n<p>The GCB in 2017, took over the\u00a0<a href=\"https:\/\/citinewsroom.com\/2018\/03\/28\/eoco-invites-ut-capital-bank-directors-over-collapse\/\"><strong>two banks under a<\/strong>\u00a0<\/a>purchase agreement approved by the Bank of Ghana.<\/p>\n<p>GCB Bank has since absorbed about four hundred workers.<\/p>\n<p>\u2013<\/p>\n<p>Source: Citinewsroom.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An investigative report into the operations of now-defunct UT \u00a0and 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 [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":10333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":0,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-10332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Amoabeng hid GHC 5m loan payment from UT Board \u2013 Report - Kumasi Online TV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kumasionlinetv.com\/?p=10332\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Amoabeng hid GHC 5m loan payment from UT Board \u2013 Report - Kumasi Online TV\" \/>\n<meta property=\"og:description\" content=\"An investigative report into the operations of now-defunct UT \u00a0and 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. 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