The collapse of UT Bank is having a negative effect on all other businesses under the UT Group, Chief Executive Officer, Prince Kofi Amoabeng has said.

Mr. Amoabeng says recent statements from the central bank, suggesting the banks collapsed primarily due to mismanagement of depositors funds has practically eroded all the trust of its investors.

In a statement, he said that it saddens his heart that the UT brand, which was previously a super brand a few years ago has been totally defamed.

The statement which sought to clear the air on some payments made to Mr Amoabeng maintained the UT brand was guided by a vision of assisting Ghanaian businesses and individuals to achieve their aims, based on sound values, principles and discipline.

A report by the Bank of Ghana into the collapse of UT and capital banks have cited the boards of the two companies for misappropriating millions of cedis given them by the central bank.

The funds were meant to be a lifeline that should prevent them from going under, after their operations hit major financial difficulties that threatened their existence.

Mr Amoabeng said it breaks his heart that several workers who once prided themselves as UT staff and now have little or nothing to show for their years of dedication and service.

Investors now see the brand in bad light, leading to difficulties in the operations of other subsidiaries of UT that are still in existence.