Lushann International Energy, Ghana Limited, has denied reports suggesting its involvement in the collapse of the erstwhile UT Bank.

Speaking at a press conference Monday August 27, 2018, Chief Executive Officer of the company, Quincy Sintim-Aboagye described as false, reports citing the company as being indebted to UT Bank to the tune of GHC 84 million.

According to them, the events were twisted by the UT Boss, Kofi Amoabeng who connived with two staff of the energy firm to dupe them and the state of $102,418,204.

“The claim that Lushann was indebted to UT Bank to the tune of GHC 84 million is not true. It was the other way round. It was UT Bank, which colluded with two former employees of Lushann to rip-off Lushann and Ghana government”, he stated.

“Kofi Amoabeng, Chief Executive Officer of UT Bank, defrauded Lushann and Ghana Government to the tune of $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”, he continued.

He further explained that “Oham Forged the signature of Sintim-Aboagye and falsely signed letters claiming to be a Director of Lushann, which enabled UT Bank to issue letters of guarantee. Amoabeng through an arrangement with Auxesia Energy Limited engaged in money laundering involving $61 million using the name of Lushann”.



Mr. Sintim noted that no action was taken by national security agencies including the Economic and Organised Crime Organisation (EOCO), Bureau of National Investigations (BNI), the Criminal Investigation Department (CID) and the Ghana Police service when the subject was reported to them.

“When the clandestine activities were discovered, Lushann reported the case to the national security apparatus….the sad aspect of it all is that the national security apparatus did not act for unknown reasons".