Mr. Joseph Yeebo Sampana, the fifth prosecution witness in the trial of Prince Kofi Amoabeng, Chief Executive Officer of the defunct UT Bank Ghana, and others said UT Bank was in business with Export Development Agricultural and Investment Fund (EDAIF) before it was converted into Exim Bank.
He said the Fund started doing business with UT Bank when it was one of the Designated Financial Institutions (DFI).
“Based on the approval of Bank of Ghana for Exim Bank to operate as a DFI, 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,” he added.
Mr. Sampana, who is also a treasurer with the Ghana Exim Bank in his evidence in Chief filed the witness statement on June 24, 2020, and was admitted without objection from all the accused persons.
The five are Johnson Pandit Asiama, former Second Deputy Governor of Bank of Ghana (BoG), Raymond Amantu, Head of Banking Supervision Department (BSD) at BOG, UT Holdings Limited, which had shares in UT Bank Ghana, Catherine Johnson, Head of Treasury and Robert Kwesi Armah, General Manager of Corporate Banking, UT Bank.
The accused have been variously charged with 42 counts of willfully causing financial loss, abetment of crime, Contravention of the Bank of Ghana Act, fraudulently causing financial loss to the Republic, Fraudulent Breach of Trust, Deceit of a public officer and fabrication of evidence.
They have, however, pleaded not guilty to the charges and were granted bail with various terms of condition.
He said when UT Bank was taken over by the GCB, the management of Exim Bank and GCB met and agreed to a proposal that GCB takes over all the investments Exim Bank had with the UT Bank.
He said three of Ghana Exim Bank’s investments with the UT Bank were consolidated by the GCB.
He said these investments amounted to GH₵ 25,877,825 and aside from that amount, GCB also took over another investment with an amount of GH ₵5,133,728.80 which was with UT Holdings.
The witness said the amount of GH₵ 5,133,728.80, which was with UT Holdings was an initial investment amount of GH₵ 4,475,246.05 and this stated investment was with the UT Bank and not UT Holdings.
He informed the Court that Exim Bank only found out that the said amount had been transferred to UT Holdings in the latter part of 2017 when Exim Bank was issued with a UT Holdings certificate of investment instead of a UT Bank certificate of investment.
During cross-examination by Counsel for the 3rd accused (UT Holdings Limited (UT Holdings), the witness informed the Court that he had been an employee of Exim Bank for the past 13 years.
He said he was a qualified Chartered Accountant with 12 years of experience and attended the University of Ghana and studied Finance and Banking.
The witness said UT Bank issued an investment certificate in respect of an amount of GH₵ 4,475,246.05 and informed the court that an amount of GH₵4,703,548.25 was invested on January 30, 2017, and was to mature on May 1, 2017.
He said the investment of GH₵ 4,475,246.05 was rolled over on its maturity and Exim Bank realised that their investments with UT Bank had been transferred to UT Holdings after GCB took over UT Bank.
He said he did not know when exactly the transfer of Exim Bank’s placement with UT Bank was transferred to UT Holdings.
Mr. Sampana said at the time of the takeover by GCB, there was a balance standing as cost because the initial amount was less than that and interest added gave the Exim Bank GH₵ 4,703,548.25 as of August 2017.
He further said he had an investment certificate showing the lesser amount before the amount appreciated to GHS 4,703,548.2.
At this stage, the Court ordered the witness to produce at the next adjourned date all Exim Bank’s rollover certificates in his possession.
The case has been adjourned to October 17, 2023.
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