The former Chief Executive Officer of the defunct UT Bank, Prince Kofi Amoabeng has been arrested, Tuesday morning.

He was picked up at his residence and is being processed for court this afternoon in connection with the banking sector crisis.

Mr Amoabeng has currently been arraigned before the Accra Circuit Court 4 waiting for his case to be called.

Sources say since the UT Bank was closed down Mr. Amoabeng has been under investigation for quite some time now.

The UT Bank and Capital Bank were closed down by the Bank of Ghana in 2017 for being insolvent.

According to the Central Bank, the two banks’ liabilities exceeded their assets which made them unable to meet their obligations.

However, the banks at the time said despite the agreement between the Bank of Ghana and the UT and Capital Banks to address the significant shortfalls, the owners and managers of the two banks were unable to increase the capital of the banks to address their insolvency.