{"id":720188,"date":"2019-10-10T10:35:41","date_gmt":"2019-10-10T10:35:41","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/10\/10\/ato-essien-charged\/"},"modified":"2019-10-10T10:35:41","modified_gmt":"2019-10-10T10:35:41","slug":"ato-essien-charged","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/10\/10\/ato-essien-charged\/","title":{"rendered":"Ato Essien Charged –"},"content":{"rendered":"

<\/p>\n

\n

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

WILLIAM ATO Essien
\nand Fitzgerald Odonkor \u2014\u00a0 \u00a0former
\nChief Executive Officer and Managing Director respectively of the defunct
\nCapital Bank \u2014
\nhave been charged by the state for allegedly stealing and misappropriating
\nGH\u00a2262 million which led to the collapse of the bank.<\/p>\n

Charged
\nalong these persons are Tetteh Nettey and Kate Quartey-Papafio, both of whom
\nhave been caught in a conspiracy allegation to steal from the bank they ran
\ninto collapse.<\/p>\n

Together,
\nthe four are facing a total of 26 counts of conspiracy to steal, stealing, and money
\nlaundering, among others.<\/p>\n

A
\ncopy of the charge sheet filed at an Accra High Court and sighted by DAILY
\nGUIDE<\/em><\/strong> indicates that Ato Essien and Tetteh Nettey, between October and
\nNovember 2015, agreed to act together with a common purpose to steal GH\u00a2100
\nmillion from the defunct bank.<\/p>\n

\u00a0The two, with the help of Fitzgerald Odonkor,
\naccording to the charge sheet, succeeded in stealing and misappropriating a whopping
\nGH\u00a2100 million belonging to the bank.<\/p>\n

Ato Essien and Tetteh Nettey are alleged to have
\nalso stolen \u2014
\nbetween the same period \u2014
\nGH\u00a230 million from the bank.<\/p>\n

According
\nto the charge sheet, the two, again in January 2016, stole and laundered an
\namount of GH\u00a235 million from the bank.<\/p>\n

The
\ncharges against Messrs Essien and Nettey also state that the two, in June 2015,
\nstole another GH\u00a22 million from the defunct bank orchestrated by Fitzgerald
\nOdonkor.<\/p>\n

Also,
\nAto Essien and Tetteh Nettey, are said to have stolen another GH\u00a25 million from
\nthe bank in September 2015, engineered by Fitzgerald Odonkor.<\/p>\n

The
\nalleged \u2018rot\u2019 also includes another theft of GH\u00a212 million by Ato Essien.<\/p>\n

Kate
\nQuartey and Ato Essien were accused of conspiring to steal and stealing GH\u00a270
\nmillion from the bank between June and August 2017.<\/p>\n

Other
\nmonies allegedly stolen by the accused person included GH\u00a28.5 million in
\nOctober 2016 belonging to the bank.<\/p>\n

Charges<\/strong><\/p>\n

Ato
\nEssien and Tetteh Nettey are each facing two counts of conspiracy to steal,
\nwhile Kate Quartey Papafio is facing a count of conspiracy to steal.<\/p>\n

Ato
\nEssien and Tetteh Nettey are facing other four counts of stealing, while Ato
\nEssien alone is facing other six counts of stealing.<\/p>\n

Furthermore,
\nAto Essien and Tetteh Nettey are facing two counts of money laundering while
\nAto Essien is facing another five counts of money laundering.<\/p>\n

Failed Banks<\/strong><\/p>\n

The
\ncharges against the four come a few months after President Akufo-Addo and
\nAttorney General, Gloria Afua Akuffo, reiterated that the directors of the
\nseven failed banks found culpable would be prosecuted.<\/p>\n

Already,
\nthe directors of the defunct Capital Bank have been sued for mismanagement and
\nbreach of banking regulations which led to the collapse of the bank.<\/p>\n

The suit, filed by Vish Ashiagbor and Eric Nana
\nNipah \u00a0\u2014 joint receivers of
\nthe bank \u00a0\u2014 faulted the
\nshareholders of the bank, as well as its founder, William Ato Essien, for
\nmaking the bank to lose a whopping GH\u00a2748.251 million.<\/p>\n

The
\ndirectors and shareholders have been accused of illegally approving loans and
\nplacing funds to themselves and related parties without the requisite
\ncollateral.<\/p>\n

In
\ntheir statement of claim, the plaintiffs blamed the collapse of the bank on
\n\u201cmismanagement and breaches of the banking sector regulations.\u201d<\/p>\n

\u201cThe record shows that as a direct result of the misgovernance of the defendants and the willful breaches of the banking regulations, as at December 31, 2015, the plaintiff had a cumulative amount of approximately GH\u00a2482 million as impaired and\/or non-existent investments, which amount include a false representation of GH\u00a252.3 million misrepresented to the Bank of Ghana as required capital for the grant of the requisite banking licence,\u201d the suit averred.<\/p>\n

BY Gibril Abdul Razak<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

William Ato Essien WILLIAM ATO Essien and Fitzgerald Odonkor \u2014\u00a0 \u00a0former Chief Executive Officer and Managing Director respectively of the defunct Capital Bank \u2014 have been charged by the state for allegedly stealing and misappropriating GH\u00a2262 million which led to the collapse of the bank. Charged along these persons are Tetteh Nettey and Kate Quartey-Papafio, […]<\/p>\n","protected":false},"author":1,"featured_media":720189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-720188","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"\nAto Essien Charged - 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\/10\/10\/ato-essien-charged\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ato Essien Charged - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"William Ato Essien WILLIAM ATO Essien and Fitzgerald Odonkor \u2014\u00a0 \u00a0former Chief Executive Officer and Managing Director respectively of the defunct Capital Bank \u2014 have been charged by the state for allegedly stealing and misappropriating GH\u00a2262 million which led to the collapse of the bank. 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