Capital Bank collapse: Ato Essien 3 others granted GHC 200,000 bail


The founder of defunct capital bank, Ato Essien and three others have been granted bail to the sum of GHC 200,000.

The three are facing 26 charges including stealing of various sums in excess of ¢260 million.

The three are Managing Director of MC Management Services Ltd, Dr Tetteh Nettey; former CEO of the Bank, Fitzgerald Odonkor and CEO of Reroy Cables Ltd, Kate Quartey-Papafio.

There is also the charge of abetment which cited Mr Odonkor assisting Mr Ato Essien and Mr Nettey to dishonestly appropriate Capital Bank’s ¢100 million between the same timeline. 

The four were also cited for laundering money between October and November in 2015 in Accra as they converted ¢100 million knowing it was proceeds of crime.

According to Justice Kyei Baffour, they are to four sureties. Kate Quartey Papafio was also granted bail to the tune of ¢75 million.

The case has been adjourned to November 20, for case management conference.

Source: Ghana |


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