{"id":15827,"date":"2022-02-18T12:50:51","date_gmt":"2022-02-18T12:50:51","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use"},"modified":"2022-02-18T13:15:54","modified_gmt":"2022-02-18T13:15:54","slug":"ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use","title":{"rendered":"Ato Essien denies transferring monies to defunct Capital Bank for personal use"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>William Ato Essien, former Chief Executive Officer of defunct Capital Bank, has denied that Capital African Group, MC Management and Britling Services were solely set up to facilitate the dishonest transfer of monies from Capital Bank for his personal use.<\/p>\n

Essien also denied that some management members complained about his behaviour of transferring huge monies from Capital Bank under the guise of placement.<\/p>\n

He was answering questions during further cross-examination by State Prosecutors led by Mrs Evelyn Keelson, Chief State Attorney at an Accra High Court. Mr Essien and two others are standing trial in the GHC620 million cedis offered to Capital Bank as liquidity support by the Bank of Ghana.<\/p>\n

He disagreed with the prosecution that he did not offer an explanation to management when they demanded to know the whereabout of GHC130 million he allegedly took from the Bank.<\/p>\n

The accused explained that a bank\u2019s money could not be moved from the bank without the approval of the authorising bodies and described it as untrue, claims he collected GHC100million cedis from the Bank of Ghana.<\/p>\n

\u201cThis is GHC100m and how can somebody in his or her wildest imagination alleged that GHC100 million cedis was taken from the Bank of Ghana. I find it very difficult to understand. It is false and same cannot find place in the court.\u201d<\/p>\n

Essien further explained that Capital Bank was highly governed, and managers exhibited professional competence. He further denied that he and Tettey Nettey of MC Management and the third accused person succeeded in dishonestly taking monies from Capital Bank.<\/p>\n

Essien admitted that between June 2015 and August 2016 when Capital Bank took the GHC620 Million liquidity support from the Bank of Ghana he was not a member of the management of Capital Bank.<\/p>\n

The former CEO of the defunct Capital Bank told the court that he knew the conditions under which liquidity support was offered to Capital Bank. \u201cThe Board of Capital Bank was aware that the liquidity support was a commercial loan, which had commercial interest and security by way of collateral.\u201d<\/p>\n

He disagreed with the prosecution that the liquidity support, which was granted to Capital Bank was for the sole purpose of addressing the Bank\u2019s liquidity challenge.<\/p>\n

Essien explained that Capital Bank had the right to utilise the money from BoG in a manner that would position the Bank to honour its obligation to the Bank of Ghana.<\/p>\n

Question: \u201cI put it to you that you have no idea of the conditions of the liquidity support that was granted to Capital Bank because you did not play any role in the Bank\u2019s acquisition of the support.<\/p>\n

Answer: My Lord I knew the conditions. This is because the information was made available by the Management to the board. \u201cSecondly, as a shepherd of the Institution, the finance subcommittee engaged me as part of the leg work to complement the effort of Management to succeed in the requisition of the liquidity support.\u201d<\/p>\n

Sitting has been adjourned to February 24 by the court presided over by Mr Justice Eric Kyei Baffour, a Court of Appeal Judge sitting with additional responsibility as a High Court Judge.<\/p>\n

Essien is standing trial with Fitsgerald Odonkor, the former Managing Director of Capital Bank, Tetteh Nettey, MC Management Service, a company owned by Essien.<\/p>\n

They are jointly being held for the collapse of Capital Bank. The accused persons have denied conniving and stealing GHC620 liquidity support offered by the Bank of Ghana to the defunct Capital Bank. GNA KK<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. William Ato Essien, former Chief Executive Officer of defunct Capital Bank, has denied that Capital African Group, MC Management and Britling Services were solely set up to facilitate the dishonest transfer of monies from Capital Bank for his personal use. Essien also denied that some management members complained about his behaviour of […]<\/p>\n","protected":false},"author":84,"featured_media":15826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,7,8],"tags":[5092,5096,7480,814,429],"class_list":["post-15827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-head-lines","category-homepage-english","tag-africa-press","tag-africa-press-ghana","tag-ato","tag-bank","tag-ghana"],"yoast_head":"\nAto Essien denies transferring monies to defunct Capital Bank for personal use - Ghana<\/title>\n<meta name=\"description\" content=\"William Ato Essien, former Chief Executive Officer of defunct Capital Bank, has denied that Capital African Group, MC Ma ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ato Essien denies transferring monies to defunct Capital Bank for personal use\" \/>\n<meta property=\"og:description\" content=\"William Ato Essien, former Chief Executive Officer of defunct Capital Bank, has denied that Capital African Group, MC Ma ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-18T12:50:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-18T13:15:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/02\/img-620f9be81fb4c.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Ato Essien denies transferring monies to defunct Capital Bank for personal use\",\"datePublished\":\"2022-02-18T12:50:51+00:00\",\"dateModified\":\"2022-02-18T13:15:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use\"},\"wordCount\":608,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2022\/02\/img-620f9be81fb4c.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"Ato\",\"bank\",\"ghana\"],\"articleSection\":[\"all news\",\"community\",\"head lines\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/ato-essien-denies-transferring-monies-to-defunct-capital-bank-for-personal-use\",\"name\":\"Ato Essien denies transferring monies to defunct Capital Bank for personal use - 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