Founder of the now-defunct UT Bank, Prince Kofi Amoabeng, has been arrested on Tuesday together with the CEO of Biege Bank over the collapse of the bank.
According to the prosecution, the two men who run different organizations allegedly misappropriated funds in excess of GH¢200 million belonging to their customers.
He was arranged before the Accra Circuit Court IV.
The Bank of Ghana on Monday, August 14, 2017 revoked the licences of UT and Capital banks due to their insolvency, leading to a seamless takeover of the two banks by GCB Bank.
Mr Amoabeng, according to sources, was picked up in his office in Accra this morning and sent to the Circuit Court Four.
He, together with many other CEOs, are being prosecuted by the state in connection with the collapse of some nine local banks.
Already, the former CEO and founder of Capital Bank, Mr William Ato Essien, is being prosecuted for 26 charges including stealing of various sums in excess of GHS260 million.
Mr Amoabeng at the Accra Circuit Court IV, Tuesday.
UT Bank, which was trading on the Ghana Stock Exchange, had its listing status also suspended.
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.
Mr Amoabeng has since the revocation of the licence of UT Bank been a subject of investigations for what the Bank of Ghana has termed as “willful deceit”.