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Ato Essien, 3 others charged over Capital Bank collapse

The founder of defunct Capital Bank, William Ato Essien and three others; Tetteh Nettey, Fitzgerald Odonkor and Kate Quartey Papafio, have been charged over the collapse of the bank.

The State in a suit signed by Marina Appiah Opare, Chief State Attorney levelled 26 charges against the four people.

The 26 counts of charges include conspiracy to steal, abetment of crime namely stealing and money laundering.

Capital Bank, found to be owing GH¢ 468 million, was among seven banks that collapsed over a 12-month period starting in August 2017 because they had become insolvent as a result of various reasons including poor corporate governance decisions.

The charges follow a recent announcement by the Attorney General to prosecute 50 directors and owners of collapsed banks in Ghana.

Receivers of the banks have also begun legal proceedings against them for their roles in the collapse of the banks.

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.

Source: Adomonline.com

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