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Business News of Thursday, 16 July 2020

Source: GNA

Capital bank trial adjourned to October 15

An Accra High Court on Thursday,July 16, 2020, adjourned to October 15 the case involving William Ato Essien, Founder of the defunct Capital Bank, who is on trial with three others for allegedly collapsing the bank.

At the last hearing the prosecution presented its first witness, Mr Vish Ashiagbor, the Director of Price Water House Coopers, who presented his signed witness statement.

Afterwards the counsel for the first accused persons, Mr Thaddeus Sorey, begun cross examination.

The court also ordered for the release of passports of Ato Essien, Kate Quartey Papafio and Tetteh Nettey to enable them to register for their voter identification cards but were to return same later to the court, when completed.

Ato Essien is facing 26 counts of conspiracy, stealing and money laundering, while the rest are variously being held for abetment of crime. They have denied the charges.

Ato Essien, is a Majority Shareholder of Capital Bank Limited, Tetteh Nettey, Managing Director of MC Management Services, a company established by Essien, and Fitzgerald Odonkor, a former Managing Director of Capital Bank.

They were admitted to bail in the sum of 200 million Ghana cedis each while Kate Quartey Papafio, a businesswoman and Chief Executive Officer of Reroy Cables Company Limited, was admitted to bail in the sum of 75 million Ghana cedis.

The four accused persons are to provide four sureties each who are of good character and of substance.

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