Otabil, ICGC, and 13 others sued over collapse of Capital Bank

Fifteen shareholders, including renowned preacher, Pastor Mensa Otabil and his church, the International Central Gospel Church, ICGC, have been sued over the collapse of Capital Bank.
The suit was brought against the shareholders by Vish Ashiagbor and Eric Nana Nipah of Price Water House Coopers who are receivers of the bank.
In their writ of summons, the plaintiffs indicated that within seven years, the Directors of the defunct bank, approved loans and placement of funds to themselves and related parties without the requisite collaterals and in clear breach of the company’s internal policies, relevant banking regulations and the Ghana Company Law.
Outlining the failure of each of the 15 persons sued, the plaintiffs are praying the court to order the defunct bank’s directors to pay compensatory damages to the receivers.
It also wants the bank’s former founder, William Ato Essien to pay back over 468 million Ghana Cedis in shareholder loans and some 108 million Ghana Cedis that was granted to him and his other companies.