UT Boss In Double Trouble

The woes of the Chief Executive Officer (CEO) of UT Bank and Financial Holdings Company Limited, Prince Kofi Amoabeng, who is reported to have fraudulently appropriated a house belonging to a novelist and a female chief from Akropong in the Eastern Region, Naa Otua Owusuaa I, is far from over.

Mr. Amoabeng, an ex-accountant of the Ghana Armed Forces has been slapped with a civil action at an Accra High Court alongside the criminal charges he is facing at an Accra Circuit Court, which is being prosecuted on behalf of the Attorney-General by the Ghana Police Service.

In the dock with Mr. Amoabeng, is his brother in-law, Asare Akuffo, who is also the Managing Director of Home Finance (HFC) Bank. They are accused of perpetuating fraud in the sale of a property called 'Naa Otua plaza on the Ring Road in Osu, a suburb in Accra.

The criminal case comes off today before the no-nonsense Judge Naa Adoley Azu, who was recently promoted to the High Court.

What is interesting about the civil case is that the UT boss is being pursued by his former military colleague, Lawyer Captain (Rtd) Nkrabea Effah-Dartey, who was a Deputy Interior Minister in the Kufuor administration.

At the Land Court divisions of the Accra High Court, where the case was last week Thursday heard, Captain Amoabeng's lawyers pleaded with the court presided over by Justice Obimpeh to be granted sometime for them to file their appearance in the civil suit. They were therefore given Thursday, January 24, to reappear in court for the case to continue.

In her statement of claims the plaintiff known in private life as Naa Otua Sawyne, said in October 2005, she decided to sell her property and UT boss, brought his friend now deceased, Alex Adjei who was a former Peoples National Party (PNP) Member of Parliament (MP) for Asamankese in the Eastern Region, as interested in the property.

'After negotiations it was agreed that the selling price was 280,000 US Dollars, payable in three installments of 100,000 in October, November and December respectively.'

According to the suit, it was agreed upon that title to the property would only pass after completion of the payment of the purchase price.

However, the UT boss suggested that since she (Owusuaa) was relocating to the United Kingdom and the purchase price was not going to be paid in full, he (UT boss) was ready to advance a loan of Gh¢25,000 with reduced interest rate of 6 percent so that when the November installment payment comes it will be deducted at source.

The statement said in furtherance of the loan, Captain Amoabeng collected the indenture as collateral but failed to provide the loan as promised.

The lawyer for plaintiff advised her that since she was going be out of Ghana for more than 90 days during which time full payment of the purchase price would have been paid, she should execute a “Deed of Assignment” so that upon completion of payments the transfer of ownership would be smooth.

But regrettably after plaintiff had signed the Deed of Assignment, the lawyer for plaintiff handed over the said Deed to the UT boss.

On October 14, 2005, UT boss sent the indenture and Deed of Assignment to the Lands Commission and registered the property in the name of the late Alexander Adjei.

The statement further explained that on the same day, the UT boss mortgaged the said property to Mr. Asare Akuffo for a facility and on the same day the plaintiff was given the first installment of 100,000 US Dollars.

In November 2005, no payment was made as well in as December 2005, thereby constituting a breach of contract of sale and February an amount of 40,000 pounds sterling was purportedly paid as part of the contract of sale.

“To the horror of the female chief, she learnt that even though the UT boss never advanced the loan to her purportedly absorbed as much as US$80,000 being the supposed third and final installment, claiming a fraudulent interest of Gh¢60,000 on the unawarded loan of Gh¢25,000.

It is the case of the victim that the UT boss collected her indenture for a loan that was never given and so she wants same back as she had not been paid the money that was solemnly agreed upon in the contract of sale and so she remains the owner of the property”.

The victim said the Mr. Amoabeng used her property to secure an unknown facility from HFC which said money he had used extensively all these years.

Naa Otua Sawyne, is seeking a relief of recovery of possession of her house, H/no. 23 Ringway Estate Osu from Mr. Amoabeng, recovery of her indenture from him and award of general damages for the wrongful and unlawful use of the her indenture for monetary gain.