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General News of Wednesday, 16 October 2019

Source: dailyguidenetwork.com

Capital Bank collapse: Ato Essien, 3 others plead not guilty

The founder and Chief Executive Officer of defunct Capital Bank, William Ato Essien and three others have pleaded not guilty to all the 26 charges of straling, money laundering among others.

The Managing Director of the bank Fitzgerald Odonkor along with Tetteh Nettey and Kate Quartey-Papafio have been charged for allegedly stealing and misappropriating some GHc620 million given to the struggling bank as liquidity support by the Bank of Ghana.

Among the alleged theft carried out by the accused persons are that Ato Essien and Tetteh Nettey, between October and November 2015, agreed to act together with a common purpose to steal GH¢100 million from the defunct bank.

Ato Essien and Tetteh Nettey are alleged to have also stolen — between the same period — GH¢30 million from the bank.

Kate Quartey and Ato Essien were accused of conspiring to steal and stealing GH¢70 million from the bank between June and August 2017.

Other monies allegedly stolen by the accused person included GH¢8.5 million in October 2016 belonging to the bank.

Appearing before the court this morning, the four all pleaded not guilty to the charges levelled against them.

Their lawyers pleaded with the court to grant them bail pending the trial.

All the lawyers pleaded with the court to grant their clients self-recogbizance bail saying the accused have at all times cooperated with the investigating bodies.

The prosecution led by the Attorney General, Gloria Afua Akuffo did not oppose the application for bail but urged the court to grant them bail with sureties and conditions that will make them appear for the trial.

The court presided over Justice Eric Kyei Baffuor granted Ato Essien, Fitzgerald Odonkor Tetteh Nettey Kate Quartey-Papafio each a bail of GHc200 million with four sureties each.

Kate Quartey-Papafio was on the other hand granted a GHc75 million Bail with four sureties.

The case continues on on November 30.