{"id":713190,"date":"2019-09-30T11:15:56","date_gmt":"2019-09-30T11:15:56","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/09\/30\/mp-exposes-capital-bank-boss-charade\/"},"modified":"2019-09-30T11:15:56","modified_gmt":"2019-09-30T11:15:56","slug":"mp-exposes-capital-bank-boss-charade","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/09\/30\/mp-exposes-capital-bank-boss-charade\/","title":{"rendered":"MP Exposes Capital Bank Boss Charade"},"content":{"rendered":"

<\/p>\n

\n

William Ato Essien <\/strong><\/p>\n

The Member of Parliament (MP) for Sekondi, Andrew A. Mercer, has descended heavily on one of the bigwigs of the defunct private banks, saying he is putting up a \u2018charade\u2019.<\/p>\n

The MP said on Saturday that William Ato Essien\u2014who is the founder of Capital Bank which went bust despite huge government bailout\u2014should not provoke the public whose beads of sweat were used to save his bank but still mismanaged it, resulting in a takeover.<\/p>\n

\u201cI think this really was a charade \u2026 when people do the wrong things, they can\u2019t come and sit on national TV and pretend to be angels,\u201d the MP said on Citi FM<\/em>.<\/p>\n

The MP took his time to recount how reports of suspected fraud and financial malfeasance that emerged after the collapse of Capital Bank in August 2017.<\/p>\n

He said those owners should not think that they can mismanage the taxpayer\u2019s sweat and get away with it, adding \u201cpeople are going to be held accountable for the acts that they did in the banking sector.\u201d<\/p>\n

Sydney Casely-Hayford\u2014a financial analyst and a member of pressure group OccupyGhana who was on the programme\u2014said he was offended by Ato Essien\u2019s interview on Metro TV<\/em> where he tried to portray himself as an innocent person being harassed.<\/p>\n

\u201cI think that we have reached a new low with these types of entrepreneurs. Ato Essien told very few truths in that interview\u2026 For those of us could appreciate what he was putting out there; I have never felt so insulted in my time,\u201d he said.<\/p>\n

In August 2017, a Bank of Ghana (BoG) compulsory acquisition shook the financial sector when it announced the takeover of insolvent Capital Bank and UT Bank, and gave the two banks to the Ghana Commercial Bank.<\/p>\n

The following year, five more banks were affected in the clean-up exercise.<\/p>\n

It emerged that the central bank used about GH\u00a2620 million of taxpayers\u2019 money as bailout for Ato Essien\u2019s bank between 2015 and 2016, and they were able to pay back only about GH\u00a210 million.<\/p>\n

An internal report of a probe into how Third Party Funds (TPF) were used by the Capital Bank shareholders revealed a massive individual and corporate liabilities running into million of cedis.<\/p>\n

The report which also looked at the segregation of liabilities of persons and\/or individuals of the company showed that even in 2014, the entire shareholders liabilities were hovering around GH\u00a256,788,289.00.<\/p>\n

The alarm bell was sounded by former MD, Kofi Mensah, who warned of the repercussions of the failure to recapitalize the bank by the shareholders.\u00a0\u00a0\u00a0\u00a0 <\/p>\n

The report concluded that William Ato Essien\u2014who controlled majority of the shares (52%)\u2014was sitting on a liability of GH\u00a229,529,910.28, while Dr. Stephen Enchill had 11% shares of GH\u00a26,246,711.79 liability.<\/p>\n

According to the report, John Kofi Mensah with 10% shares had a liability of GH\u00a25,678,828.90, whilst Otabil & Associates represented by Dr. Mensah Otabil, with 7% shares, had a liability of GH\u00a23,975,180.23.<\/p>\n

Messrs Isaac Osah Thompson-Mensah, Kinsley Attah Ghansah and Isaac Oheneba Osei Akoto who all had 5% each of the shares had a liability of GH\u00a22,839,414.45 each. Again, the International Gospel Church (ICGC)\u00a0 represented by Dr. Otabil that controlled 3% of the shares had a liability of GH\u00a21,703,648.67, with Rev. Edwin Obeng Donkor who had 2% shares sitting on a liability of GH\u00a211,135,765.78\u2014all bringing the total liability to GH\u00a256,788,289.00.<\/p>\n

A financial analyst said cynically that \u201cwithout a doubt, the customers of Capital Bank and taxpayers are the real victims and not Ato Essien, because by design he was the beneficiary of the illegal enterprise called Capital Bank.\u201d<\/p>\n

By Melvin Tarlue<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

William Ato Essien The Member of Parliament (MP) for Sekondi, Andrew A. Mercer, has descended heavily on one of the bigwigs of the defunct private banks, saying he is putting up a \u2018charade\u2019. The MP said on Saturday that William Ato Essien\u2014who is the founder of Capital Bank which went bust despite huge government bailout\u2014should […]<\/p>\n","protected":false},"author":1,"featured_media":713191,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-713190","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nMP Exposes Capital Bank Boss Charade - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/09\/30\/mp-exposes-capital-bank-boss-charade\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"MP Exposes Capital Bank Boss Charade - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"William Ato Essien The Member of Parliament (MP) for Sekondi, Andrew A. Mercer, has descended heavily on one of the bigwigs of the defunct private banks, saying he is putting up a \u2018charade\u2019. 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