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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
The Accra Regional Police Command has arrested former professional boxer Michael Ayitey Okai, popularly known as “Ayitey Powers,” over an alleged threat of death against the Director-General of the National Sports Authority, Yaw Ampofo.
According to the Police, the 46-year-old former boxer was arrested on Monday, August 24, 2026, in connection with the alleged threat.
The Police said the arrest followed a video circulating on social media in which Ayitey Powers is alleged to have issued the threat against Mr Ampofo.
He is currently in Police custody and is assisting with investigations.
The Accra Regional Police Command said investigations are ongoing to establish the circumstances surrounding the alleged threat and determine the appropriate action to be taken in accordance with the law.
The Command has urged the public to refrain from sharing unverified information about the matter while the investigation continues.
By: Jacob Aggrey
Minority Leader in Parliament Alexander Afenyo Markin has sued the Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, and Multimedia Group Limited over alleged defamatory comments made against him on the Newsfile programme.
In a writ filed at the High Court in Accra, Mr Afenyo Markin is seeking GH¢15 million in damages, an apology and retraction of the statements, among other reliefs.
The suit follows comments allegedly made by Mr Gyamfi during the Saturday, August 22, 2026 edition of Newsfile, hosted by Samson Lardy Anyenini.
According to the statement of claim, Mr Gyamfi described Mr Afenyo Markin as an “extortionist” while responding to a question about GoldBod’s reported profits and its position on losses arising from its operations.
The plaintiff claims that Mr Gyamfi repeated the allegation when the host sought clarification on whether he stood by the description.
Mr Afenyo Markin further claims that Mr Gyamfi challenged him to sue him and insisted that the allegation was true.
The plaintiff argues that the statements created the impression that he engages in extortion, uses his political influence to put improper pressure on public institutions and officials, and conducts himself in a manner inconsistent with the standards expected of a lawyer and public office holder.
He denies the allegations and maintains that he is not an extortionist and has never engaged in the conduct alleged by Mr Gyamfi.
The Minority Leader also argues that the comments were made maliciously and were presented as facts without evidence being disclosed.
He claims the statements have damaged his reputation, professional standing and public image, particularly because of his position as a senior political figure and legal practitioner.
The suit also names Multimedia Group Limited as a defendant because, according to the plaintiff, the alleged defamatory comments were broadcast through JoyNews and subsequently circulated on social media platforms, including X, Facebook and YouTube.
Mr Afenyo Markin claims Multimedia failed to stop the comments or deactivate Mr Gyamfi’s microphone after the allegations were made.
He is therefore asking the court to award him general, aggravated and exemplary damages, as well as GH¢15 million in compensation and legal costs.
He is also seeking an order compelling the defendants to issue a full, unconditional and unequivocal retraction and public apology.
The plaintiff wants the apology and retraction to be given similar prominence and reach as the original publication, including through JoyNews and the social media platforms where the comments were disseminated.
He is further seeking a permanent injunction preventing the defendants from repeating the alleged defamatory statements or words with a similar meaning.
The writ requires the defendants to enter an appearance within eight days after being served.
It warns that failure to do so could result in judgment being entered in their absence.
The case was filed by lawyer Paa Kwesi Abaidoo of Dehyena Chambers on behalf of Mr Afenyo Markin.
By: Jacob Aggrey
