Court to deliver judgment on case against Ato Essien, 2 others December 1
Together with the former MP of the Bank, Rev Fritzgerald Odonkor, and a former MD of the MC Management Services, Tettey Nartey, they are standing trial for various offenses
The High Court in Accra presided over by Justice Eric Kyei Baffoour(JA) is expected to deliver on Thursday, December 1, its judgment on a case involving the founder of the defunct Capital Bank, Ato Essien, and 2 others.
Together with the former MP of the Bank, Rev Fritzgerald Odonkor, and a former MD of the MC Management Services, Tettey Nartey, they are standing trial for various offenses - stealing, abetment to steal, conspiracy to steal, and money laundering.
Ato Essien has been accused 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).
The three have however pleaded not guilty to all the charges and Mr. Essien has maintained throughout the trial that he had approval from the board for all their actions.
On his part, the MD of the defunct Capital Bank and the 2nd accused person, 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.
Also the 3rd accused person, Dr. Tetteh Nettey denied signing a letter of engagement with All Time Capital Limited, arrangers for Capital bank and MC management services.
While being cross-examined by Chief State Attorney, Evelyn Keelson, on Thursday, March 31, he stated that the documents were fake and that he did not draft them.
A Deputy Chief manager at the Banking Department of the Central Bank, Emmanuel Edward Arhin also produced some documents on liquidity support, which is the subject matter of this case and was cross-examined by lawyers for the first accused.
In the subsistence of the cross-examination by counsel, Baffour Gyawu Bonsu Ashia, the BoG official admitted that Capital Bank had an operational account with the bank of Ghana into which the said liquidity support was paid into.
Additionally, it was established by Mr. Arhin that the BoG credited the first tranche of the support to the tune of GH¢150 million into the operational account on June 26, 2016, and interest of GH¢3, 057,534 was paid.
