The Joint Receivers of defunct UT and Capital banks, PricewaterhouseCoopers (PwC), has ruled out any impact of disclosures on questionable dealings by the former directors and shareholders, on its investigations.
Documents sighted by Citi Business News have showed that the former shareholders of the two banks, engaged in related party transactions among other unapproved activities which led to the collapse of the banks.
According to the Country Senior Partner at PwC, Vish Ashiagbor, his outfit is still pursuing legal processes aimed at recouping as many assets as possible from the defunct banks.
He explained to Citi Business News that their findings have largely targeted evidence to support instances of infractions.
“We as receivers our duties include recovering the assets of the banks to the extent that we can. So we are working through all of that and understanding what evidence is available and where there is a need for us to take legal action, we will do and we have already started some of those,” Mr. Ashiagbor said.
He added, “We are actually following our independent paths and we are seeking to make as much more recoveries as we can; whether it is a former shareholder, worker or employee.”
Among the cases of malpractices leveled against the shareholders of UT bank involved the inability of its former CEO, Prince Kofi Amoabeng to disclose payments of a loan of 5 million cedis.
Also, shareholders of Capital bank were cited for failing to provide evidence of 51.5 million cedis in illiquid capital after submitting an initial 23.3 million cedis liquid capital when applying for its banking license.
Again, the major shareholder, William Ato Essien is mentioned as flouting all banking and risk management rules byy treating depositors’ funds and public funds as his personal piggy bank.
In this cse, he used such funds amounting to 80 million cedis to invest in business ventures such as Ocean Spring Mineral water, Capital and More, Nordea capital, among others.
Mr. Vish Ashiagbor wouldn’t readily confirm or deny any of such instances in their findings so far but told Citi Business News, they would not hesitate to pursue any claim of malpractice.
“I am not sure which comments you are referring to because there are various things out in the media and I wouldn’t like to mix things up. From our point of view, we have seen that some of the transactions need to be looked at more closely; we are in the process of that. Some of them we have already started legal proceedings to make some recoveries,” the country Senior Partner stated.
Almost a year into the revocation of the licenses, the Joint Receivers and the Economic and Organised Crime Office are yet to conclude their investigations and bring finality to the matter.
Source: Citi Business News