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Business News of Monday, 30 September 2019

Source: Daily Guide Network

Finance Minister, BoG Staff deny Capital Bank takeover

Finance Minister, Ken Ofori-Atta, and Keli Gadzekpo, a board member of the Bank of Ghana, have through their lawyer, denied claims that that they had tried to acquire the now defunct Capital Bank in 2016.

Founder of Capital Bank, William Ato Essien, had stated in an interview with Paul Adom Otchere on Good Evening Ghana last week, indicated that Mr. Ofori-Atta and Mr. Gadzekpo, both founders of Databank Ghana Limited, in 2016 notified him about their plans to acquire Capital Bank.

But lawyers of the Finance Minister and the BoG Board Member in a statement denied the claim, describing it as “malicious” and “plainly false.”

The lawyers from Acquah-Sampson & Associates, in a statement, placed on record that neither Mr. Gadzekpo nor Mr. Ken Ofori-Atta communicated to Mr. Ato Essien an intention to acquire Capital Bank in 2016.

According to the statement, the claim by Mr. Ato-Essien against the two founders of Databank, a reputable Investment Bank, is plainly false, malicious and disingenuous.

In any event, it said, “it may be worth stressing that an expression of interest, prior to examining the books of a Bank, cannot be stretched to mean or even imply an endorsement or confirmation that Capital Bank at that material time had a clean bill of health.”

“Our Clients reject and condemn the defamatory remarks and suggestions purporting to link our Clients in a negative way with the Banking sector cleanup process that was decided, implemented, led and managed by the Bank of Ghana,” according to the statement.

It explained that “the role of the Ministry of Finance in the entire exercise was/is, primarily, focused on how to: (a) provide financial assistance within the country’s limited fiscal space to protect the funds of depositors; and (b) build stronger, healthier and internationally competitive Ghanaian-owned Banks.”

“It must also be underlined that the Finance Minister, Mr. Ken Ofori-Atta, was/is not responsible for the events and/or decisions that led to the unfortunate collapse of any Bank in Ghana. His responsibility as Finance Minister was/is to manage the national economy and, more particularly the impact of such a major crisis – which commenced prior to the appointment of Mr Ken Ofori-Atta as Finance Minister,” the statement noted.

“Mr. William Ato Essien’s sensationalist attack on Messrs. Keli Gadzekpo and Ken Ofori-Atta is false, unnecessary and diversionary,” it added.