General News of Tuesday, 6 November 2018
‘Interesting’, that’s how Founder of the International Central Gospel Church (ICGC), Pastor Mensa Otabil describes coming weeks in court following a suit against him and 15 other directors of the defunct Capital Bank.
The 16 persons were accused of mismanagement and breach of banking regulations which led to the collapse of the bank. The directors and shareholders have been accused of illegally approving loans and placing funds to themselves and related parties without the requisite collateral.
Pastor Otabil, speaking about the issue in Church Tuesday said the full truth will emerge as the weeks unfold. According to him, a suit neither translated evidence nor judgement. It’s merely an opinion that will be justified or otherwise.
“It’s going to be interesting”, he said.
Adding, “I know people have all kinds of questions and so on. I can’t explain anything to you because I’m in court. We will allow the process to continue and hopefully, the full truth will be known. There is space for people’s opinion but when you go to court you are not just dealing with people’s opinions, you deal with facts”
“The only thing I want to say briefly is that when someone sues you, it is not an evidence, neither is it a judgement, it is just somebody’s opinion and there will be defence and other things so follow closely how things will proceed and how they’ll end.”
Rather than repeat his ‘God is good’ comments which sparked controversy the last time he adopted it in addressing the issue around the bank collapse, he chose the opposite; ‘The devil is bad’.
“The last time I said God is good, people didn’t like it so I don’t know if to say God is good but I can definitely say the devil is bad, that can also be quoted”.
Pastor Otabil was the Board Chairman of the defunct bank, while the ICGC was named as a shareholder of the bank in the suit.
The suit was filed at the Commercial Division of the Accra High Court by the receivers of the defunct bank, Mr Vish Ashiagbor and Mr Eric Nipah, both of PricewaterhouseCoopers (PwC).
The plaintiffs are seeking to use the legal action 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 include 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.