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Capital bank saga: Ato Essien and 3 others granted $675 bail

Founder of defunct Capital Bank William Ato Essien and three others have pleaded not guilty to 26 charges including stealing of various sums in excess of ¢260 million.

The three are; Managing Director of MC Management Services Ltd, Dr Tetteh Nettey; former CEO of the Bank, Fitzgerald Odonkor and CEO of Reroy Cables Ltd, Kate Quartey-Papafio.

Attorney General Gloria Akuffo presented the facts of the case to an Accra High Court presided over by Justice Eric Kyei Baffour.

She told the court that liquidity support amounting to ¢620 million handed by the BoG to revive Capital Bank was appropriated (¢27million) and transferred to various companies owned by Mr Essien.

Some of this liquidity support according to the AG, was also presented by MC Management Services (owned by Mr Essien according to AG) as initial capital to get a banking license for the defunct Sovereign Bank.

An amount of ¢70 million she further stated, was sent into the private account of businesswoman Kate Papafio.

 She said the businesswoman then created an account at Capital Bank and transferred the amount into that account.

by: Naa Anyema

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