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Ato Essien, and 3 others to face prosecution over collapse of Capital Bank

09/10/2019
Reading Time: 2 mins read
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William Ato Essien

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The government of Ghana has charged Founder of defunct Capital Bank , William Ato Essien together with three others with stealing, money laundering and 24 other offenses leading to the collapse of Capital Bank in 2017.

The other three defendants aside Ato Essien are; Fitzgerald Odonkor, former CEO of the Bank; Dr Tetteh Nettey, owner of MC Management Services Ltd and Kate Quartey-Papafio,  CEO of Reroy Cables Ltd .

On count one, the state accused founder of the defuct capital bank and Tetteh Nettey of “conspiracy to steal contrary to sections 23 (1) and 124 (1) of the Criminal Offences Act, 1960 (Act 29).”

“William Ato Essien and Tetteh Nettey between October and November 2015 in Accra in the Greater Accra Region agreed to act together with a common purpose to steal the sum of GHc100,000,000,” portions of the writ read.

Capital Bank was among seven banks that collapsed over a 12 month period starting in August 2017.

The other banks were UT, which was taken over by the state-owned GCB Bank along with Capital Bank, Beige Bank, Sovereign Bank, Construction Bank, uniBank, and Royal Bank, all of which were consolidated into the Consolidated Bank of Ghana.

ALSO READ: Ken Ofori Atta proposed to buy Capital Bank – Ato Essien

In an earlier publication by Ghanatalksbusiness, Founder of defunct Capital Bank William Ato Essien in an interview on MetroTV claimed Finance Minister Ken Ofori Atta and board chairman of the Enterprise Group Keli Gadzekpo proposed to buy his bank in 2016.

According to defunct Capital bank CEO, the narrative surrounding the status of the bank after it was put into administration has changed significantly and it was time for him to speak out.

Read the charge sheet below

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