Adom FM’s “Dwaso Nsem” host, Captain Smart on Monday’s edition of Fabewoso disclosed how shareholders of UT Bank Limited collapsed the financial institution.
According to Captain, the Bank of Ghana (BoG) allocated sums of money to some distress banks including UT Bank Limited but the shareholders failed to use the money wisely.
Citing an extremely confidential external advisor’s report on the takeover of UT Bank by BoG, Captain maintained that, shareholders of the financial institution took huge sums of loans from the bank which led to its collapse.
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“The money the government urged Bank of Ghana to put into the bank in less than a month 520 million Ghana Cedis vanished. BoG again transferred 520 million ghana cedis and in less than a month it vanished again. The shareholders took their share. How can a bank spend GHC 15 million Ghana Cedis for cups? are you operating a restaurant?” Captain queried.
Meanwhile a financial analyst, Mr Ken Thompson has urged the government to investigate and possibly arrest the shareholders who watched as this unfortunate incident unfolded.
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“Bank of Ghana gave the money and some of them shared for their family members. The money is more than the money they shared. They should be arrested so it sets an example for others otherwise the nation cant move forward. It is not a good thing. We have courts. We should be angry because its our money….” he said.
See the confidential external advisor’s report on the takeover of UT Bank by BoG:Â
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