Capital Bank Case: GHC 100 m to All Time Capital was approved by the Board – Former MD
Rev. Odonkor is standing trial alongside the bank’s founder Ato Essien and businessman, Dr. Tetteh Nettey for various offenses - stealing, abetment to steal, conspiracy to steal, and money laundering.
MD of the defunct Capital Bank and 2nd accused person in the case at the High Court, Fitzgerald Odonkor has indicated that the decision of the Bank’s Management to transfer an amount of GHC 100 million to the All-Time Capital was approved by the Board.
He maintained during cross-examination by counsel for Ato Essien, Baffuor Gyau Bonsu Ashia that no single individual can be credited for the said decision.
Furthermore, Mr. Odonkor said that even though he was part of the Board of the Capital Bank, he was not in charge of placements and investments.
Capital Bank was one of the first banks to fold up during the start of the financial sector clean-up by the Bank of Ghana in 2017.
State Prosecutors have accused the founder of the bank, William Ato Essien, of causing the insolvency of the bank by stealing about GH¢200 million of a GH¢620 million liquidity support given to the bank by the Bank of Ghana (BoG).
Rev. Odonkor is standing trial alongside the bank’s founder Ato Essien and businessman, Dr. Tetteh Nettey for various offenses - stealing, abetment to steal, conspiracy to steal, and money laundering.
Stay of proceedings
On Tuesday, June 21, 2022, the Supreme Court dismissed a motion by defunct Capital Bank Founder, William Ato Essien, where he was seeking an order for special leave to appeal a May 23, 2022 ruling of the Court of Appeal.
The Court of Appeal on May 23, upheld a High Court ruling, dismissing an application for a stay of proceedings pending the determination of their appeal.
At the High Court, Ato Essien’s lawyers told the Court they had appealed against its admission of unsigned documents (exhibits 24, 24A, 24B, and 27) into evidence against their objections. Additionally, they asked the Court to temporarily halt the trial to enable them to pursue the appeal at the Court of Appeal.
The High court, presided over by Justice Eric Kyei Baffour, a Court of Appeal judge, sitting as an additional High Court Judge, held that “the prospect of the success of the interlocutory appeal is very bleak” and as such he had “no hesitation in dismissing this application”.
However in Mr. Essien’s affidavit in support of his motion at the Supreme Court, he argued that he believed there were exceptional circumstances justifying the grant of the application to stay proceedings.
He adds that the refusal of his application may lead to grave injustice and amount to a breach of his fundamental human right to liberty.
In addition to seeking special leave to appeal the May 23, Court of Appeal ruling, Mr. Essien was asking the Court to grant a stay of proceedings of his trial at the High Court, pending a determination of the motion on notice for special leave.
