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Business News of Thursday, 10 October 2019

Source: laudbusiness.com

Court action against Ato Essien good move – Financial consultant

Charles Mensah, a financial consultant, has said the court action against CEO of the defunct Capital Bank, William Ato Essien and the other directors of the bank will restore more confidence in the banking sector.

He said the action will send a message to the customers and workers of the collapsed banks that the other directors of all the collapsed banks whose actions led to the fall of their banks will be held liable.

Ato Esien and others have been charged for allegedly stealing the sum of GHS100,000,000 and also engaging in money laundering.

The state has levelled 26 different counts of charges against the four which included Kate Quartey-Papafio and Tetteh Nettey.

The state accused William Ato Essien and Tetteh Nettey in count one, of “conspiracy to steal contrary to sections 23 (1) and 124 (1) of the Criminal Offences Act, 1960 (Act 29).”

The writ signed by Marina Appia Opare, Chief State Attorney on behalf of the Attorney General said : “William Ato Essien and Tetteh Nettey between October and November 2015 in Accra in the Greater Accra Region agreed to act together with a common purpose to steal the sum of GHc100,000,000.”

It added : “Fridzgerald Odonkor in September 2015 in Accra in the Greater Accra Region abetted William Ato Essien to dishonestly appropriate the sum of GHc5,000,000 the property of Capital Bank Limited. William Ato Essien in September 2015 in Accra in the Greater Accra Region dishonestly appropriated the sum of GHc12,000,000 the property of Capital Bank Limited.

Regarding the money laundering charge, the writ stated that: “William Ato Essien and Kate Quartey-Papafio between June and August 2017 in Accra in the Greater Accra Region disguised the sum of GHc70,000,000 knowing it to be proceeds of crime.”

Speaking to Joy News on Wednesday 9th October, 2019, Mr Charles Mensah said: “The system has allowed a lot of rumor to fill it.

“There are a lot of rumors and money doesn’t like noise so there has been some noise as we speak. But the courts or the judgments that will follow will send some clarity. Some people would have read facts and we will feel confidence would be restored.”

He added : “Some confidence has been restored but it will be restored fully if all the facts come out.

“It will dispel all the rumors because these days because of social media rumor run fast but when it comes to finance and financial matters we don’t deal with rumor, it has to be facts.”