Former CEO of defunct UT Bank, Prince Kofi Amoabeng says the high level of non-performing loans contributed significantly towards the bank's collapse.
He added that acts of thievery by some staff also played a role in the bank's liquidation.
Mr Amoabeng in a media interview in Accra alleged that a number of staff who joined the financial institution were “plain thieves” who engaged in acts that compromised the bank's financial health.
When asked whether or not he anticipated a takeover due to the non-performing loans, Mr Amoabeng answered in the negative, saying; “I knew the baby was sick to the point that I had to step out for another person to step in as CEO to restructure it.
“I wasn’t expecting the baby to die because of the brand we had created and the impact it was having on the national economy”.
Mr Amoabeng cited loans including the ones disbursed to Ibrahim Mahama’s Dzata Cement Company and failure to pay it as some of the reasons that caused trouble for the bank.
However, Mr Amoabeng said he never regretted his decision to advance such a loan facility to Dzata Cement, which belonged to former President Mahama's brother.
On promises by former President Mahama to return collapsed banks to their owners if he wins the December polls, Mr Amoabeng said such promises were not feasible, saying; "Such promises are only good for the ears".
Latest Stories
-
Haaland scores as Manchester City beat Nottingham Forest
50 mins -
Villas-Boas elected Porto president
55 mins -
Situation on frontline has worsened, Ukraine army chief says
1 hour -
US doctor describes witnessing starvation in northern Gaza
1 hour -
CAFCC: RS Berkane make final after USM Alger refused to play 2nd leg over Moroccans’ jersey
1 hour -
Elon Musk in China to discuss enabling full self driving
1 hour -
PSG clinch Ligue 1 title after Lyon’s win over Monaco
4 hours -
Guinness Ghana sets the pace at Ghana Beverage Awards with six awards
4 hours -
Burkina Faso suspends BBC, VOA radio broadcasts over killings coverage
4 hours -
Nicole Kidman honoured with AFI Life Achievement Award
4 hours -
Brassier scores winner for Brest as they edge Rennes to secure European football
4 hours -
Akufo-Addo jabs Ejisu independent candidate; rubbishes allegations to rig by-election
5 hours -
‘What are the real causes of the erratic power outages?’ GUTA asks ECG
5 hours -
Implementing ESG framework in Ghana’s energy sector for sustainability
5 hours -
CAFCC: Dreams FC exit competition after 0-3 defeat in Kumasi
5 hours