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Ato Essien, 3 others plead not guilty

Source The Ghana Report/Sefanam Agbobli

Founder of defunct Capital Bank, William Ato Essien and three other former executives of the bank have been granted a bail in the sum of GHS200 million.

The four, who were charged with stealing monies belonging to Capital Bank, have all pleaded not guilty.

The accused persons appeared before the commercial High Court presided over by Justice Eric Kyei Baffour.

Excerpts of the writ said: “Fitzgerald Odonkor between October and November 2015  abetted William Ato-Essien and Tetteh Nettey to dishonestly appropriate a  sum of one hundred million Ghana Cedis (GHS100,000,000)  belonging to Capital Bank Limited”.

It also stated: “William Ato Essien and Kate Quartey-Papafio between June and August 2017 in Accra in the Greater Accra Region disguised the sum of GHS70,000,000 knowing it to be proceeds of crime.”

The charges by the state comes weeks after the businessman, Ato Essien revealed that the Finance Minister,  Ken Ofori Atta wanted to buy his bank in 2016.

The Bank of Ghana in 2017 revoked the licenses of UT and Capital Bank due to their insolvency. The two banks were subsequently taken over by the GCB Bank.

Five (5 ) other banks have since been taken over by the State and consolidated into the Consolidated Bank Ghana ( CBG )

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