BREAKING: OTABIL SPEAKS ON CAPITAL BANK COLLAPSE

BANK OF GHANA ON MONDAY, AUGUST 14, 2017 REVOKED THE LICENCES OF UT AND CAPITAL BANK.

DR. MENSA OTABIL, THE FOUNDER OF INTERNATIONAL CENTRAL GOSPEL CHURCH

Founder and General Overseer of the International Central Gospel Church (ICGC), Dr Mensa Otabil, has broken his silence on the controversies in the banking sector, specifically, his role in the collapse of the Capital Bank as Board Chairman of the defunct bank.


He has explained in a statement issued Tuesday that during his non-executive role as a Board Chairman of the bank, some decisions that were made turned out well while some did not turn out as well as had been anticipated.

"AS FAR AS I CAN TELL, EVERYTHING WAS DONE WITH THE BEST OF INTENTIONS AND THE INTEREST OF VARIOUS STAKEHOLDERS IN MIND.

"My foremost concern, as has been the case over the past year, is for the well-being of those who lost their jobs and those who may have been adversely affected in any way as a result of these developments. My heart goes out to them and to their dependents. I continue to pray for God’s guidance and sustenance as they navigate the course of their lives," he stated in the nine-point statement.


He concludes in the statement, published in full below, that he will continue to cooperate with the state institutions probing the collapse of the bank.


Related: GCB takeover as BoG withdraws licenses of UT, Capital Bank


Capital Bank, along with another indigenous bank, UT Bank, collapsed in August last year due to liquidity challenges and all their assets taken over by state-owned GCB Bank.

Capital Bank received GHS 610 million from the Bank of Ghana to cure its liquidity struggles, funds allegedly mismanaged, leading to its collapse.



The full statement is published below.


Re: Capital Bank And Related Matters

Greetings!

1. I have observed with concern, the ongoing media discussions regarding developments in the Banking Sector and my role either directly or indirectly.


2. I accepted to be Board Chairman of Capital Bank in a bid to help strengthen a promising Ghanaian enterprise that had potential but also challenges. I was excited about the prospects of a young man from a disadvantaged background who was daring to create opportunities and employment.


3. My position was a non-executive role. I was therefore not involved in the day-to-day management and operations of the Bank.


4. In the course of time, some decisions made turned out well while some did not turn out as well as had been anticipated. As far as I can tell, everything was done with the best of intentions and the interest of various stakeholders in mind.


5. My foremost concern, as has been the case over the past year, is for the well-being of those who lost their jobs and those who may have been adversely affected in any way as a result of these developments. My heart goes out to them and to their dependents. I continue to pray for God’s guidance and sustenance as they navigate the course of their lives.


6. Since the takeover of the bank exactly a year ago today, various mandated state institutions have been investigating and working to arrive at a comprehensive understanding of what happened, why it happened and who was responsible for what. I have been invited by EOCO and I have submitted myself to their processes and answered all their questions faithfully.


7. For some time now, many discussion platforms have made varied references to me and to my