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General News of Thursday, 16 August 2018

Source: Starrfmonline.com

Otabil liable in Capital Bank collapse – Bantama MP

A member of the Finance Committee of Parliament Daniel Okyem Aboagye has described as flawed moves by Dr Mensa Otabil to disassociate himself from the murkiness leading to the collapse of Capital Bank.

According to Okyem Aboagye, who is also a banker, the explanation offered by the founder of the ICGC that his duties at the defunct Bank were a non-executive one is unreliable and he played a major role in the collapse of the Bank.

The popular preacher has been indicted in a leaked report compiled by the Central bank for the collapse of the bank. He and his management team have been accused of using monies given them by the Bank of Ghana to salvage the then-struggling bank to open new businesses which also failed.

“I honestly, don’t know a situation where the board chairman is non-executive per se. Maybe, in this case, he is trying to say that I am the Board chairman but I’m not involved in the day-to-day administration of the Bank,” the Member of Parliament for Bantama told Starr News’ Ibrahim Alhassan.

“But that’s not the work of the Board chairman. The day-to-day administration everybody knows is in the hands of the CEO. So don’t tell us…or nobody should tell us that because I’m a Board Chairman I’m not involved in the day-to-day administration of the business.

“Nope, you’re the Board Chairman [and] your job is not to get into the day-to-day administration but you are responsible for directing and making sure that people that are supposed to supervise day-to-day administration are doing their job. You, actually control the policy. You determine what happens and those things. So ultimately, he’s basically the president of the bank. You have serious oversight. So you cannot excuse yourself,” he added.

“This is quite unfortunate,” said Okyem Aboakye “but he cannot take himself out of the equation. He is part of the problem.”