UT Bank Trial: UT Bank used to work with EDAIF before it was converted to Exim Bank – Witness testifies

UT Bank Trial: UT Bank used to work with EDAIF before it was converted to Exim Bank - Witness testifies
UT bank Building

Mr Joseph Yeebo Sampana, the fifth prosecution witness in the trial of Prince Kofi Amoabeng, CEO of the defunct UT Bank Ghana, and others provided crucial information about the bank's dealings with Export Development Agricultural and Investment Fund (EDAIF).

Mr Sampana stated that UT Bank was engaged in business with EDAIF before its conversion into Exim Bank. He highlighted that when Exim Bank was authorized to operate as a Designated Financial Institution (DFI), EDAIF began providing loans through UT Bank. Certificates of placement were issued to EDAIF by UT Bank for funds placed.

He testified that Exim Bank's investments with UT Bank were consolidated when UT Bank was taken over by GCB. The investments amounted to GH¢25,877,825.

Additionally, GCB took over another investment of GH¢5,133,728.80 which was initially with UT Bank but mistakenly transferred to UT Holdings.

During cross-examination, the witness revealed that he had been an employee of Exim Bank for 13 years and was a qualified Chartered Accountant with extensive experience.

He presented investment certificates and explained that the transfer of Exim Bank's placement with UT Bank to UT Holdings was discovered after GCB's takeover.

The case, in which the accused faces charges including financial loss, breach of trust, and fraud, has been adjourned to October 17, 2023.

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