The Founder of defunct Capital Bank, William Ato Essien, and three others have been granted bail in the sum of ₵200 million each, with two sureties.
Ato Essien, Fitzgerald Odonkor, former CEO of the Bank, Dr Tetteh Nettey, owner of MC Management Services have been charged by the state with twenty-six offences for their roles leading to the collapse of the Bank in 2017.
The fourth accused, who is the CEO of Reroy Cables, Kate Quartey-Papafio was also granted bail in the sum of Gh₵75 million.
The charges against the four include conspiracy to steal, citing Ato Essien and Tettey Nettey acting together between October, and November 2015 to steal One hundred million Ghana Cedis belonging to Capital Bank.
The four were also cited for laundering money between October and November in 2015 as they converted GH₵100 million, knowing it was proceeds of crime.
Appearing before an Accra high court presided over by Justice Kyei Baffour, the four accused persons all pleaded not guilty to the offences.
After the court recessed, lawyer for the four accused persons, Dr. Dominic Aryine in an interview with the media said he does not see where a charge of stealing lies to be levelled against his clients because the monies given to them by the Bank of Ghana to salvage the collapsing Capital Bank at the time was not stolen but was legitimately given to them by the Bank of Ghana.
The Attorney General, Gloria Akuffo disagreed with the lawyer’s assertion.
She said though the money was given by the Bank of Ghana, she queried if it was used for the expected purpose.
The case has been adjourned to 20th November 2019.
