{"id":3944,"date":"2019-09-29T14:10:21","date_gmt":"2019-09-29T14:10:21","guid":{"rendered":"https:\/\/www.africa-press.com\/ghana\/?p=3944"},"modified":"2019-09-29T14:10:21","modified_gmt":"2019-09-29T14:10:21","slug":"political-underhand-unfairly-motivated-heritage-bank-shut-down-amoabeng","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/political-underhand-unfairly-motivated-heritage-bank-shut-down-amoabeng","title":{"rendered":"Political underhand “unfairly” motivated Heritage Bank shut down – Amoabeng"},"content":{"rendered":"

President of UT Holdings, Prince Kofi Amoabeng<\/strong><\/p>\n

Founder of the now-defunct UT Bank, Mr Prince Kofi Amoabeng has accused the Bank of Ghana’s shut down of the\u00a0Heritage Bank as being politically motivated.<\/strong><\/p>\n

According to him, the revocation of the license of the\u00a0Ghanaian-owned bank is unfair and unfortunate.<\/strong><\/p>\n

Asked directly by TV3\u2019s Paa Kwesi Asare in an interview on Business Focus: \u2018Do you think, as many think, that some of the decision to close down certain banks was politically motivated?\u2019, Mr Amoabeng answered thus: \u201cA few of them, specifically Heritage Bank\u201d.<\/p>\n

\u201cI don\u2019t understand the issue because the Chairman of the Board is Dr Kwesi Botchwey. I have a lot of respect for him when it comes to finance in this country and managing Boards and he will not, in my estimation, ever accept to be Chairman of a bank that is not right and dealing in all sorts of things.<\/p>\n

\u201cI can say that for him, so, I find it extremely odd that a bank \u2013 and it had not started doing business for it to have bad loans and all those things \u2013 and for you to say that the owner didn\u2019t have what it takes or however they put it, I mean the owner doesn\u2019t run the bank, he\u2019s a Ghanaian, he\u2019s got money, he\u2019s appointed the right people to run the bank for him, so, what is the excuse.<\/p>\n

\u201cI find that extremely, extremely unfair\u201d, Mr Amoabeng asserted, adding: \u201cMaybe I don\u2019t have all the facts, but from where I stand, I find it really unfortunate\u201d.<\/p>\n

The Bank of Ghana revoked Heritage Bank\u2019s licence on Friday, 4 January 2019 on the basis that the majority shareholder, Mr Seidu Agongo, among other things, used proceeds realised from alleged fraudulent contracts he executed for the Ghana Cocoa Board (COCOBOD), for which he and former COCOBOD CEO, Dr Stephen Opuni are being tried, to set up the bank.<\/p>\n

Announcing the withdrawal of the licence, the Governor of the central bank, Dr Ernest Addison told journalists \u2013 when asked if he did not deem the action as premature, since the COCOBOD case was still in court \u2013 that: \u201cThe issue of Heritage Bank, I wanted to get into the law with you, I don\u2019t know if I should, but we don\u2019t need the court\u2019s decision to take the decisions that we have taken. We have to be sure of the sources of capital to license a bank; if we have any doubt, if we feel that it\u2019s suspicious, just on the basis of that, we find that that is not acceptable as capital. We don\u2019t need the court to decide for us whether anybody is \u2018fit and proper\u2019, just being involved in a case that involves a criminal procedure makes you not fit and proper\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

President of UT Holdings, Prince Kofi Amoabeng Founder of the now-defunct UT Bank, Mr Prince Kofi Amoabeng has accused the Bank of Ghana’s shut down of the\u00a0Heritage Bank as being politically motivated. According to him, the revocation of the license of the\u00a0Ghanaian-owned bank is unfair and unfortunate. Asked directly by TV3\u2019s Paa Kwesi Asare in […]<\/p>\n","protected":false},"author":66,"featured_media":3945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[135,2627,1602],"class_list":["post-3944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-bank-of-ghana","tag-president-of-ut-holdings","tag-prince-kofi-amoabeng"],"yoast_head":"\nPolitical underhand "unfairly" motivated Heritage Bank shut down - Amoabeng - Ghana<\/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.africa-press.net\/ghana\/all-news\/political-underhand-unfairly-motivated-heritage-bank-shut-down-amoabeng\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Political underhand "unfairly" motivated Heritage Bank shut down - Amoabeng\" \/>\n<meta property=\"og:description\" content=\"President of UT Holdings, Prince Kofi Amoabeng Founder of the now-defunct UT Bank, Mr Prince Kofi Amoabeng has accused the Bank of Ghana’s shut down of the\u00a0Heritage Bank as being politically motivated. 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