CEO of defunct UT Bank, Captain Prince Kofi Amoabeng (Rtd) has said the government was left with little choice regarding the closure of his bank years ago.
Speaking on Peace FM, he said the bank was going through some problems and the government thought it was impossible for it to be bailed out.
“The truth is if the bank was fully functional, meeting all the capital requirements from its regulators, the government would not have closed down the bank. But the bank was going through problems and every business goes through problems; it doesn’t matter how big you are.
“It is the government that will decide to close it down because it is that bad or it should be bailed out because it is dear to the country; this is all government’s discretion on behalf of the people.
“For UT’s position, the government decided that where the problems of the bank had reached, it is impossible to bail the bank out, therefore, it needs to be closed down and so be it; it was closed down,” Prince Kofi Amoabeng explained.