Management of GCB Bank Limited is reported to have terminated the appointment of about 1000 workers of the now defunct UT Bank Limited. The license of UT Bank as well as the Capital Bank was revoked by the Bank of Ghana on August 14, and approved a purchase and assumption transaction with GCB Bank Limited, transferring all deposits and selected assets of UT Bank Ltd and Capital Bank Ltd to GCB Bank Ltd. The Central bank in a statement said, “The remaining assets and liabilities will be realized and settled respectively through a receivership process to be undertaken by Messers Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers.” Meanwhile, 3news.com has sighted a letter dated August 31, 2017 to employees of UT Bank by a Receiver, Vish Ashiagbor, terminating their contracts on behalf of UT Bank. “We write to explain how the receivership affects you. Your contract of employment with UT has been terminated as a result of the receivership effective August 14, 2017,” a letter to one of the workers read in part. “Any claim you have against UT such as arrears of salaries, wages, leave, severance pay and other entitlement will be dealt with in accordance with the provisions of the Labour Act , 2003 (Act 651) and the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). “Kindly note that your claims are against UT and not the Joint Receivers. The Joint Receivers act on behalf of UT.” The letter also informed the affected workers that “arrangements will be made in the near future to collect where appropriate all UT properties held by you before final payment of any agreed package is made to you”.