‘Lushann Int’l Energy can’t be blamed for collapse of UT Bank’

Mr Quincy Sintim-Aboagye (left) CEO of Lushann International Energy Limited addressing the press.Photo.Ebo Gorman

Mr Quincy Sintim-Aboagye (left) CEO of Lushann International Energy Limited addressing the press.Photo.Ebo Gorman

MANAGEMENT of Lushann International Energy Ghana Limited, an oil and gas company, has said it not to be blamed for the collapse of UT Bank.

The oil and gas company has been identified as one of the companies heavily indebted to UT Bank, leading to its insolvency, but the company said the claim that it was indebted to the defunct UT Bank to the tune of GH¢84 million was not correct.

Addressing the media, in Accra yesterday, the Chief Executive Officer (CEO) of the company, Quincy Sintim-Aboagye, said UT Bank, which owes his firm US$250 million, colluded with two former employees of Lushann to rip-off the company and the Ghana government.

The CEO alleged that “it is rather [Kofi] Amoabeng, the former Chief Executive Officer of the defunct UT Bank, and two former employees of Lushann – the Accountant and Oham, who were responsible for the mess”.

Mr Sintim-Aboagye said “Kofi Amoabeng……defrauded Lushann and Ghana government to the tune of US$102,418,204 when he colluded with Kennedy Oham, former Project Manager of Saltpond Offshore Producing Company (SOPCL).

“Amoabeng falsely misrepresented Oham’s company – Eklipza Energy – as a local subsidiary of Lushann and issued bank guarantees to enable the company to defraud Ghana” Mr Sintim-Aboagye said.

According to him, Oham forged his signature and “falsely” signed letters claiming to be a director of Lushann, which enabled UT Bank to issue letters of guarantee.

Mr Sintim-Aboagye said “Amoabeng through an arrangement with Auxesia Energy Limited engaged in money laundering involving US$61 million using the name Lushann.

He stressed that “again, UT Bank colluded in the theft of two shipments of crude oil worth US$8 million belonging to the government of Ghana in 2014 and 2015.”

Mr Sintim-Aboagye said the case was reported to security agencies, including the Economic and Organised Crime Office (EOCO), Bureau of National Investigation (BNI), Criminal Investigation Department (CID) of the Ghana Police Service and National Security in June, 2014 , and July, 2014., but the national security did not act for unknown reasons.

He indicated that his company was in court seeking redress, adding that his office and home have been burgled following their complaint to the security agencies, making it difficult for the company to pursue the matter backed with relevant documents.

Referring to a letter dated July 18, 2014, and addressed to the EOCO, Mr Sintim-Aboagye said Kennedy Oham acted ultra vires by assuming the role of a director of Lushann without having the requisite permission directly from the CEO or the Board of Directors.

He called for a probe into activities of Kennedy Oham and Kofi Amoabeng, because they have managed to “launder millions of dollars through Ghana for activities which were never autrhorised by Lushann Energy.”


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