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Business News of Thursday, 26 September 2019


Ken Ofori Atta, Databank co-founder approached me to buy Capital Bank – CEO

Founder of Capital Bank, William Ato Essien play videoFounder of Capital Bank, William Ato Essien

After staying off the grid following the collapse of his financial institution, founder of now defunct Capital Bank has defended its viability by indicating that Finance Minister and co-founder of DataBank approached him in attempt to purchase it.

Mr. William Ato Essien disclosed to host of Metro TV’s current affairs programme, Good Evening Ghana, Paul Adom Otchere, that in 2016 Mr. Ken Ofori Atta, in the company of co-founder of Databank who doubles as Enterprise Group CEO, Keli Gadzekpo, sought to convince him to sell off the bank.

“…if the bank was that bad, our current finance minister, Honourable Ken Ofori Atta, together with the Chief Executive of Enterprise Group, Keli Gadzekpo…. were in my office… they were interested to buy Capital Bank. If it was that stressful would they have done that?" he asked.

Capital Bank was one of two banks who had their licenses revoked by the Central Bank in August 2017 following their 'inability to resolve their negative capital adequacy position in the sector'.

The Bank of Ghana indicated that the action was necessary because Mr. Ato Essien had resorted to “willful deceit” which contributed to collapse of the bank.

Head pastor of the International Central Gospel Church, Mensa Otabil who was the Board Chairman of the defunct bank, was together with 15 others sued for causing financial loss to the institution.

The plaintiffs sued to recover over GH¢837 million, being what they said were loans that the shareholders granted to themselves which remained unpaid.

By their alleged actions, the plaintiffs said, the defendants “have breached their fiduciary duties under the Companies Code, 1963 (Act 179) and have caused serious financial loss to the bank’’.

The shareholders and the directors joined to the suit as defendants in the Capital Bank suit included the Founder of the Capital Bank, Mr William Ato Essien; Mr Oheneba Osei-Akoto, Mr Stephen Enchill, Mr Kingsley Atta Ghansah, Otabil & Associates, Mr Kwadwo Ayisi-Ahwireng, Mr Isaac Osah Thompson-Mensah and Mr John Kofi Mensah.

The rest are Mr Edwin Obeng Donkor, the former Chief Executive of the bank; Mr Fitzgerald Odonkor, Mr Amadu Montia, Mr Kofi Kwakwa and Mr Francis Adu Mante.