MAJOR BANKS AS WELL AS MICROFINANCE AND SAVINGS AND LOANS INSTITUTIONS HAVE BEEN DOWNED.
The former Managing Director of defunct Capital Bank Ghana Limited, William Ato Essien, has been dragged to an Accra High Court over several offences including stealing and money laundering.
Together with three others, Mr Essien, who became the highest shareholder after leaving the Bank, was charged on Tuesday, October 8.
THE SUIT COMES A FEW WEEKS AFTER THE FORMER CAPITAL BANK MD BROKE HIS SILENCE ON THE TAKEOVER OF HIS BANK BY THE BANK OF GHANA.
Tetteh Nettey, Fitzgerald Odonkor and Kate Quartey-Papafio are the three others joined in the suit filed by the state.
The offences for which the four have been charged date between 2015 and 2017, when management of the Bank was ceded to GCB Bank Limited.
The four have been charged on 26 counts.
Count Three of the writ states that Mr Ato Essien and Mr Tettey Nettey between October and November, 2015 dishonestly appropriated the sum of GHS100 million the property of Capital Bank to themselves.
This, the state insists, is against Section 124(1) of the Criminal Offences Act, 1960 (Act 29).
Others like Fitzgerald Odonkor were accused of abetment.
The suit comes a few weeks after the former Capital Bank MD broke his silence on the takeover of his bank by the Bank of Ghana.
He had said he accounted for every dime he was accused of embezzling.
He also singled out board chairman, Pastor Mensa Otabil, as displaying high intelligence during meetings.
Assets of Capital Bank were ceded to GCB Bank Limited same day as UT Bank’s in the start of landmark reforms in the banking sector by the Central Bank.
Since then, other major banks as well as microfinance and savings and loans institutions have been downed.