State charges Ato Essien, 3 others over collapse of Capital Bank

Source The Ghana Report/ Sefanam Agbobli

Founder of the defunct Capital Bank, William Ato Essien and three others have been slapped with twenty six (26) charges for their roles leading to the collapse of the financial institution.

The three other persons were charged together with Mr Essien on Wednesday at an Accra High court. They are Tetteh Nettey, Fitzgerald Odonkor and Kate Quartey-Papafio -who all served as executives of the bank-.

The charges include conspiracy to steal contrary to sections 23 (1) and 124 (1) of the criminal offences Act, 1960 (Act 29).

According to the state, Fitzgerald Odonkor between October and November 2015  abetted William Ato-Essien and Tetteh Nettey to dishonestly appropriate the sum of hundred million Ghana Cedis (GHC100,000,000)  belonging to Capital Bank Limited.

The action by the state comes barely two 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.

Below is a copy of the charge sheet

Download (PDF, 2.52MB)

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