The former head of UT Bank, Kofi Amoabeng, has been arrested by the Ghana Police Service over the collapse of his bank.
Amoabeng was arraigned before an Accra Circuit Court earlier today to stand trial for the circumstances surrounding the collapse of his bank.
According to Joy News, he’s being charged with stealing and money laundering.
Amoabeng is accused of allegedly stealing more than Ghc51.3 million and $8.6million belonging to customers of the bank.
Michael Nyinaku, founder of the defunct BEIGE Capital, is also facing similar charges.
Both defendants reportedly pleaded not guilty to the charges.
It’ll be interesting to see whether this goes anywhere or becomes an infamous Ghanaian ‘foolish case’.