Former UT Bank founder and CEO, Captain Prince Kofi Amoabeng, has dismissed allegations of misappropriating funds from the bank he founded, describing the claims as baseless and illogical.

Speaking on Joy News’ PM Express Business Edition on Thursday, January 16, he said the accusations do not align with the truth of his actions or the principles he upheld while leading the bank.

“It started with investigations at EOCO, which took a year plus, probably two years,” Kofi Amoabeng recounted.

“Then the file was sent to the Attorney General’s Department. I was surprised that they filed charges against me because I had left the bank before the reported incidents.”

Kofi Amoabeng explained that the charges stemmed from money he allegedly moved from UT Bank to UT Holdings during his tenure as CEO.

However, he argued that these transactions, if they occurred, would have had clear timelines and accountability mechanisms.

“All investments have a maturity of at most one year. In the 20 months that I wasn’t there, every investment should have matured. Investors would either renew, roll over, or withdraw their money. No one has complained that their investment went missing,” he stated emphatically.

He highlighted the lack of evidence tying him directly to the alleged misappropriation.

“When witnesses were brought, no one had seen any signature of mine instructing the movement of these investments. Nobody has seen me physically carrying money anywhere. So how could I have moved investors’ funds?” Amoabeng questioned.

Reflecting on the ongoing court case, which has stretched over six years, Prince Kofi Amoabeng expressed frustration but remained optimistic.

“I think it’s deliberate,” he said. “Initially, of course, the government wanted to score cheap points. But as investigations go on, I’m sure the judge will see the truth of the matter.”

Kofi Amoabeng expressed confidence in his innocence.

“I am extremely positive about not being jailed or anything being found against me. I know what I did,” he said.

He then delivered a poignant analogy to convey his disbelief at the accusations.

“It’s only in Africa that you might nurture and educate a child, and when that child dies, people will say the mother killed him. How could I, after toiling to build UT to this level, steal from it? It doesn’t make sense.”

He also touched on the societal negativity he believes fuels such accusations. “Ghanaians want bad stories, and we have a negativity of mind most of the time, so people want to believe such things,” he remarked.

Despite the ongoing legal battle, Kofi Amoabeng remains determined to clear his name and uphold the legacy of the bank he worked so hard to establish.

“I have faith in the system, and I believe the truth will prevail,” he concluded.