Mr. Amoabeng was arrested on Tuesday, 14 January 2020 at his office and immediately arraigned.
His arrest is believed to be in connection with he collapse of UT Bank on 7 August 2017 after the Bank of Ghana declared it insolvent.
He, together with many others, including Mike Nyinaku are being prosecuted for the financial crisis which almost grounded the banking sector.
Justice Essandor explained that his decision to grant bail was based on the sound advocacy by lawyers of the accused person who has demonstrated his ability to cooperate with investigations.
But Mike Nyinaku whose lawyers assured the court he will cooperate with the ongoing trial failed to get bail. According to the judge, the argument of Nyinaku’s lawyers were unconvincing and it appeared to them a bail was a giving which is why he remanded their client.
Mr. Nyinaku and 12 subsidiaries were dragged to court by the receiver of the bank, Nii Amanor Dodoo who is seeking to use the court action to help retrieve over GH¢1 billion from the company.
The writ, filed by the receiver accused the former CEO of dereliction of duties and engaging in unlawful activities which led to the massive loss recorded.
Other Cases
Mr William Ato Essien, the founder and former CEO of another defunct bank, Capital Bank, as well as his former MD, Rev. Fitzgerald Odonkor, and two other persons; Dr Tettey Nettey, the Managing Director of MC Management Services, a company said to be owned by Mr Essien, and Kate Quartey-Papafio, a businesswoman and Managing Director of Reroy Cables Company Limited, are also being prosecuted.
They have been charged by the state with 26 offences for their role in the collapse of the bank in 2017.
The charges include conspiracy to steal. Mr Essien and Tettey Nettey allegedly acted together between October and November 2015 in Accra to steal GHS100 million belonging to Capital Bank.
Judgement is expected to be delivered by the High Court in respect of the Capital Bank case in February 2020.
Source: mynewsgh.com
