In the trial of the former Chief Executive Officer of the now-defunct UT Bank Ghana, Prince Kofi Amoabeng, and others, fifth prosecution witness, Mr. Joseph Yeebo Sampana, provided significant evidence.
He revealed that three of Ghana Exim Bank’s investments with UT Bank were consolidated by GCB Bank, totaling GH¢25,877,825. Additionally, GCB Bank also assumed control of another investment worth GH¢5,133,728.80 that was previously held by UT Holdings.
Mr. Sampana, who serves as a treasurer with Exim Bank, submitted his witness statement on June 24, 2020, which was accepted as evidence without objection from the accused.
The five accused individuals in the trial are Johnson Pandit Asiama, the former Second Deputy Governor of the Bank of Ghana (BoG); Raymond Amantu, Head of Banking Supervision Department (BSD) at BoG; UT Holdings Limited, which held shares in UT Bank Ghana; Catherine Johnson, Head of Treasury; and Robert Kwesi Armah, General Manager of Corporate Banking, UT Bank.
The charges against the accused include willfully causing financial loss, abetment of crime, contravention of the Bank of Ghana Act, fraudulent causing of financial loss to the Republic, fraudulent breach of trust, deceit of public officer, and fabrication of evidence.
All of the accused individuals have pleaded not guilty to the charges and were granted bail with various conditions.
Mr. Sampana revealed that the GH¢5,133,728.80, previously with UT Holdings, initially represented an investment of GH¢4,475,246.05 with UT Bank.
He further informed the Court that Exim Bank only became aware of the transfer of the said amount to UT Holdings in the latter part of 2017, when it received a UT Holdings certificate of investment instead of a UT Bank certificate of investment.
Mr. Sampana also stated that UT Bank had engaged in business with Export Development Agricultural and Investment Fund (EDAIF) before EDAIF was converted into Exim Bank through Act 911 in March 2016. During that time, EDAIF operated as one of the Designated Financial Institutions (DFI).
“Based on the approval of Bank of Ghana for Exim Bank to operate as a DFI, Export Development Agricultural and Investment Fund (EDAIF) started giving out loans through UT Bank and when funds were placed with UT Bank, EDAIF was issued certificates of placement by UT Bank,” Sampana added.
During the trial, the witness disclosed that when GCB took over UT Bank, the management of Exim Bank and GCB convened to discuss an agreement. As per the proposal, GCB would assume control of all the investments Exim Bank had with UT Bank.
Under cross-examination by Counsel for the 3rd accused, UT Holdings Limited, the witness revealed that he had been an employee of Exim Bank for the past 13 years. He further disclosed that he is a qualified Chartered Accountant with 12 years of experience, having attended the University of Ghana where he studied Finance and Banking.
According to the witness, UT Bank had issued an investment certificate amounting to GH¢4,475,246.05, with an additional investment of GH¢4,703,548.25 made on January 30, 2017, and set to mature on May 1, 2017.
He clarified that the GH¢4,475,246.05 investment was rolled over upon maturity. However, Exim Bank later discovered that their investments with UT Bank had been transferred to UT Holdings after GCB’s takeover of UT Bank. The witness, however, was not aware of the exact date when the transfer of Exim Bank’s placement with UT Bank occurred.
Mr. Sampana explained that, at the time of the takeover by GCB, there was a balance remaining as a cost, as the initial amount was lower. Interest added to the amount eventually resulted in Exim Bank having GH¢4,703,548.25 as of August 2017.
He also stated that he possessed an investment certificate indicating the lesser amount before it appreciated to GH¢4,703,548.2.
In response to the Court’s request, the witness was ordered to produce all Exim Bank’s rollover certificates in his possession on the next adjourned date.
The case has been adjourned until October 17, 2023.