News
Capital Bank saga: Ato Essien ready to pay back GH¢27m to state
Lawyers of the former Chief Executive Officer (CEO) of Capital Bank, William Ato Essien, who is facing trial for the collapse of the financial institution, have indicated that their client is willing and ready to return about GH₵ 27 million to the state.
Mr Ato Essien has begun negotiations with the Attorney General to have some of the charges brought against him dropped.
His lawyers revealed that he has paid close to GH₵ 1.4 million and also given out some 19 newly cleared cars from the port to the state.
According to the lawyers, led by Thadeus Sory, engaging the AG based on section 35 of the Courts Act, which allows for an offer of compensation or restitution in respect of some of the charges brought against the accused persons is currently ongoing.
The lawyers have already indicated to the Economic and Organised Crimes Office (EOCO) that, their client was willing and ready to return about GH₵27 million to the state.
The Attorney General’s office in response confirmed the negotiations and informed the court that they will consider it.
The judge, Justice Kyei Baffour, adjourned the case to June 18, 2020, for the two parties to report back to him.
Mr Ato Essien is facing trial, with three former executives of the defunct bank; Fitzgerald Odonkor, Kate Quartey-Papafio and Tetteh Nettey for 26 charges levelled against them.
The prosecution, led by the Attorney General (AG), Ms Gloria Afua Akuffo, accused the four persons of engaging in various illegal acts that led to the dissipation of the GH¢620 million liquidity support given to Capital Bank by the Bank of Ghana between June 2015 and November 2016.
It is the case of the AG that Essien, with Odonkor’s aid, transferred the liquidity support to certain companies either controlled by him or in which he had an interest.
According to the AG, GH₵ 130 million of the liquidity support was transferred to MC Management Services, which was later presented to the BoG as the initial capital to set up Sovereign Bank, another bank in which Essien had an interest.
She further alleged that between June and October 2015, Essien, aided by Odonkor, appropriated GH¢27.5 million of the liquidity support by carrying it in jute bags.
“The money was purportedly used as payment for business promotion,” she told the court.
Ms Akuffo also accused Essien of giving some liquidity support to his cronies in the form of a loan to be used to buy shares in Capital Bank.
With regard to Quartey-Papafio, the A-G said as part of the scheme to further dissipate the GH¢620 million liquidity support, Essien transferred GH¢ 70 million of the money into Quartey-Papafio’s bank account at Cal Bank.
She further accused Quartey-Papafio of trying to withdraw the money in 2017, even though she was aware that Capital Bank had collapsed and was in receivership.
The withdrawal, the A-G submitted, was, however, prevented by the receivers of Capital Bank.
During his application for bail, counsel for Quartey-Papafio, Dr Dominic Ayine, a former Deputy A-G, rebutted the facts presented by the A-G.
He described the case as a ground-breaking one in the country’s jurisprudence.
“This is going to be the first case in the history of this country that stealing has occurred with the consent of the owner,” counsel contended.
Making his case, he argued that the GH¢620 million liquidity support was essentially a loan that was granted to Capital Bank by the BoG, which was supposed to be paid with interest.
“Essentially, this was money belonging to Capital Bank,” he said.
Counsel further submitted that per Section 60 of the Companies Act, 2019 (Act 992), there was nothing wrong with a lending institution giving out loans for people to buy in that institution.
Source: Citinewsroom.com
The New Patriotic Party (NPP) says it has successfully conducted constituency executive elections in 245 out of its 276 constituencies across the country.
The party’s General Secretary, Justin Kodua Frimpong, said the exercise recorded an 88.7 per cent success rate and was conducted peacefully in the constituencies where voting took place.
In an update posted on his Facebook page, he said elections in 23 constituencies were put on hold because of various disputes.
He added that four constituencies Ningo Prampram, Atwima Mponua, Obuasi West and Trobu could not hold their elections due to last minute challenges.
According to him, the party’s National Steering Committee will also review election activities in Afigya Sekyere East, Adansi Asokwa, Bantama and Asante Akyem Central.
Mr Frimpong said the National Secretariat is committed to resolving all outstanding issues to ensure the successful completion of the constituency executive elections.
He expressed appreciation to members of the party for their support and discipline throughout the exercise.
“We extend our sincere appreciation to all Patriots for their commitment, discipline, and support, which contributed to the successful conduct of these elections,” he stated.
By: Jacob Aggrey
The Northern Regional Police Command has arrested two Nigerian nationals in connection with the murder of a 36-year-old Nigerian man at Sanzirigu in Tamale.
The suspects, identified as Daniel Victor Eze and David Oko Ewa, were arrested on Saturday, July 11, shortly after the body of Nkemujika Uzorchuku Eze was found in his bedroom.
According to the Police, preliminary investigations showed that the deceased lived in a three-bedroom apartment with his wife, Peace Uzorchuku, the two suspects and another Nigerian national, Godwin Nwafor.
The Police said officers began investigations after receiving a report that the deceased had been found lying in a pool of blood in his room.
A team that visited the scene found that he had suffered a deep cut to the forehead and had a towel stuffed into his mouth. The room had also been ransacked.
The Police said a wooden pestle believed to have been used in the attack, together with other items, was recovered from the scene for forensic examination.
The body was taken to the Tamale Teaching Hospital, where a medical officer confirmed him dead before it was deposited at the hospital mortuary for preservation and an autopsy.
According to the Police, intelligence-led operations led to the arrest of the two suspects at Tatale on the same day while they were allegedly attempting to escape into the Republic of Togo.
They were later handed over to the Tamale District Criminal Investigations Department to assist with investigations.
The Police said the suspects allegedly admitted during interrogation that they had conspired to kill the deceased because he had been withholding money they claimed was obtained through internet fraud.
A search conducted after their arrest led to the recovery of several items suspected to have been stolen from the deceased’s room, including mobile phones, laptop computers, a tablet, jewellery, clothing, wristwatches, personal documents and other valuables. The Police said the items have been kept as exhibits to support the investigations.
The suspects remain in Police custody and are expected to appear before court on Monday, July 13, to facilitate the ongoing investigations.
The Northern Regional Police Command said it remains committed to bringing everyone involved in the crime to justice and urged the public to provide credible information to help fight crime.
By: Jacob Aggrey
