Friday , November 16 2018 3:52 am
Home / Business / EOCO Invites UT, Capital Bank Directors Over Collapse

EOCO Invites UT, Capital Bank Directors Over Collapse

Former Directors of defunct UT Bank will this morning [Wednesday], appear before the Economic and Organized Crime Office (EOCO) to answer questions on their roles in the bank’s collapse.

This follows findings of an investigative report on the collapse of the bank which was submitted to the Bank of Ghana.

Former Directors of Capital Bank which also collapsed alongside UT Bank will also appear before the EOCO next Wednesday.

The Bank of Ghana in August 2017, revoked the licences of UT and Capital Banks. The two banks were subsequently handed over to GCB Bank.

The liabilities of the two banks, according to the central bank, overwhelmed their assets, leaving the BoG with no option but to undertake a purchase and assumption transaction as the least costly method of dealing with a collapse.

Citi News also understands that Managers of uniBank which was recently taken over by the BoG with KPMG as the administrator, will also be invited


Check Also

Ghanaians Urged To Embrace Credit Unions for Financial Liberty

Following the collapse of local Banks in the country as a result of liquidity challenges …

Ghana Commodity Exchange to Begin Operations Tomorrow

Government on Monday announced that the Ghana Commodity Exchange (GCX) would start full operations on …

BoG to Take Action On Financial Institutions That Cannot Pay Depositors Funds

The Bank of Ghana says closing down seven banks though painful was the best option …

Leave a Reply

%d bloggers like this: