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Capital Bank saga: Ato Essien ready to pay back GH¢27m to state

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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 

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ProofreadChildren exposed to arts, culture early develops strong intellectual, communication skills – Acting E/R CNC Director

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Children from Trinity Royal dancing the dipo dance

Toddlers from various kindergarten schools in the Eastern Region on Tuesday thrilled patrons with impressive cultural performances at this year’s Kindergarten festival organised by the Centre for National Culture (CNC) in Koforidua.

The children from the participating schools recited poetry, staged drama performances and performed a variety of traditional dances, including Kete, Kpatse, Borborbor and Apatampa, under the theme: ‘Little Stars: Celebrating Our Culture for Future Impact.’

Participating schools included Love Community Kindergarten, Koforidua Grammar School, Solomon School, Charles Wesley Academy, Unique Kiddie Care, Alpha Hills School, Assemblies of God Kindergarten, Brentford Academy, Liberty Academy, Berlin Academy, Bolders Journey School and New Dawn School.

The Acting Eastern Regional Director of the CNC, Dr Salamatu Alhassan, said research had shown that children exposed to arts and culture from an early age developed strong intellectual and communication skills.

“These toddlers participating in this festival have the potential to be ahead of their peers because training in arts and culture broadens their minds and enhances their intelligence.

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Dr Alhassan said, considering the numerous benefits of arts and cultural education, it was important to nurture children from an early age to become future ambassadors of Ghana’s rich cultural heritage and contributors to the country’s creative economy.

She said the CNC was mandated to promote Ghana’s arts and culture and assured that such festivals would continue to be organised regularly to provide more children with opportunities to develop their talents.

Dr Alhassan encouraged parents and teachers to support children to participate in cultural festivals and related activities to help build their confidence, creativity and appreciation of Ghanaian culture.

The Eastern Regional Director of the Department of Children, Mr Emmanuel Nana Osei, said exposing young children to Ghanaian culture through such festivals was essential because it helped them develop a strong sense of identity.

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He said as future leaders, children needed to understand their cultural roots to develop a sense of belonging and appreciate the need to contribute meaningfully to national development.

Mr Osei also urged parents to encourage their children to participate in poetry, drama and traditional dance activities to nurture their talents and preserve Ghana’s cultural heritage.

From Ama Tekyiwaa Ampadu Agyeman, Koforidua

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Adolescence is like an egg, handle it carefully …Adolescents urged

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Madam Rosemary Addeh interacting with a section of the school children

Adolescents have been urged to treat their teenage years with caution, with adolescence being compared to ‘an egg’ that can crack instantly from a single mistake. 

This came up during an engagement with adolescent boys and girls at Ave-Dakpa in the Akatsi North District under the project, ‘The Clinic Is Yours,’ an open day clinic, to invite adolescents and the youth to visit health facilities for free access to youth-friendly services.  

It was organised by the United Nations Population Fund (UNFPA), the UN’s sexual and reproductive health agency in collaboration with the Planned Parenthood Association of Ghana (PPAG), which is also a leading volunteer-supported non-governmental organisation, focused on providing comprehensive Sexual and Reproductive Health and Rights (SRHR) information and services to young people in Ghana. 

Madam Rosemary Addeh, the Midwife and In-charge of the Ave-Dakpa Health Centre, who facilitated the engagement, said adolescence was a period of rapid physical and brain development between childhood and adulthood, typically spanning the ages between 10 and 19, involving the search for social independence. 

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“Adolescence really is as fragile as an egg, and a single mistake can alter a young person’s future instantly.”  

She explained that curiosity, peer pressure, and the desire to fit in made teenagers vulnerable and that the “egg once broken” by a crisis such as an unplanned pregnancy, the effects on a young person’s education, health and future were difficult to reverse. 

The session highlighted the physical, mental, and social toll of teenage pregnancy, with other health risks cited including anaemia, malnutrition, early labour, and low birth-weight babies, because of immature physical development.  

She said mentally, young mothers faced stress, depression and stigma, while socially many dropped out of school and faced long-term financial hardship. 

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To “handle the egg safely,” adolescents were advised to practice open communication with parents, seek comprehensive reproductive health education, set clear life goals, and build self- esteem to resist risky situations.

“When you access phone, use it for something profitable not pornographic materials. Also, access youth-friendly services. Get close to health workers on any information on SRHR, do not ask around to be deceived or misinformed as that can land you in trouble,” Madam Addeh advised. 

Mr Delali Alex Dwomoh, the Physician Assistant and In-charge of Ave-Dakpa Health Centre, also addressed the group, assuring adolescents that health workers would not judge them. 

“Take whatever you were told seriously. We will not be judgmental but will help you as young people to reach your full potential,” he assured them.   

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Mr Emmanuel Christopher Makam, the PPAG focal person for UNFPA Adolescent Girls Empowerment Project and Gender-based Violence Scale Up project for Volta Region, said the engagement formed part of ongoing efforts to equip adolescents with knowledge and support systems to navigate adolescence safely.–GNA

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