The founder of the defunct bank UT Prince Kofi Amoabeng has been arrested and charged over his role in the collapse of the bank in 2017.

He has pleaded not guilty to stealing GHc51, 334, 3o6.08 and $8, 612, 829.20 respectively between 2009 and 2017.

He was arrested in his office and processed in court on Tuesday.

He has pleaded not guilty to the charge.

He has been granted bail to the tune of GHC110 million with two sureties who must be public servants earning not less than GHC2000. Furthermore he is to report to the police twice a week – Monday and Friday.

The Bank of Ghana approved the takeover of Capital Bank and UT Bank by the GCB Bank Ltd 2017.

A statement by the Central Bank stated that it has “approved the Purchase and Assumption transaction with GCB Bank Ltd that transfers all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd.”

The statement also added the “Bank of Ghana has revoked the Licenses of UT Bank Ltd and Capital Bank Ltd. This action has become necessary due to severe impairment of their capital. The remaining assets and liabilities will be realised and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers (PwC)”.

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