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Defunct UT Bank founder and CEO, Prince Kofi Amoabeng says he is not scared of the charges of financial malfeasance brought against him by the state, and believes the state's decision is a right step.

The Bank of Ghana (BoG) declared UT Bank insolvent after it failed to meet the minimum capital requirement.

A statement by the BoG said;  “Despite repeated agreements between the Bank of Ghana and UT Bank and Capital Bank to implement an action plan to address these significant shortfalls, the owners and managers of UT Bank and Capital Bank were unable to increase the capital of the banks to address the insolvency.”

Last year, the UT Bank founder was arrested in connection with the collapse of the bank and his case taken up by the court. 

Speaking in an interview on Peace FM's ''Kokrokoo'' on Monday, November 15, 2021, Mr. Kofi Amoabeng noted the legal suit by the government is the best decision to arrive at the truth.

''Nothing scares me'', he told host Kwami Sefa Kayi, explaining ''it's not as if we squandered the money but there were defaults in payment and therefore we had a lot of non-performing loans. But it's up to the government and the institution to decide what to do. And one thing I always say is that even though I go to court and I'm being investigated, it's the right thing because if you head an institution and the institution goes down and the taxpayers are picking up the bill, the government must actually investigate to see if you squandered the money wilfully or it was a genuine business you did. So, the government must investigate''. 

He emphasized; ''I agree with that completely. Only that the court process is a bit slow but you have to endure it. So, eventually, whether I'm guilty or not will come out.''