{"id":720976,"date":"2019-10-11T10:45:40","date_gmt":"2019-10-11T10:45:40","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/10\/11\/how-ato-essien-was-charged-with-stealing-gh%c2%a270m\/"},"modified":"2019-10-11T10:45:40","modified_gmt":"2019-10-11T10:45:40","slug":"how-ato-essien-was-charged-with-stealing-gh%c2%a270m","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/10\/11\/how-ato-essien-was-charged-with-stealing-gh%c2%a270m\/","title":{"rendered":"How Ato Essien Was Charged With Stealing GH\u00a270m"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>William Ato Essien<\/strong><\/p>\n<p>Recent<br \/>\ninformation stumbled upon by <strong><em>DAILY GUIDE<\/em><\/strong> shows how William Ato<br \/>\nEssien, founder of the defunct Capital Bank,<br \/>\nallegedly took GH\u00a270 million from the bank, leading to its collapse.<\/p>\n<p>Ato Essien, who is facing 26 charges along with three others for<br \/>\nstealing\u00a0 and misappropriating GH\u00a2262<br \/>\nmillion from the defunct Capital Bank, had earlier gone to the media ahead of<br \/>\nhis arraignment to create the impression that he was being made a victim.<\/p>\n<p>In recent<br \/>\ntelevision appearances where he absolved himself of any wrongdoing, he said his<br \/>\nassociation with any wrongdoing was politically motivated. <\/p>\n<p>Ato Essien<br \/>\neven said no adverse findings were made against him when the Economic and<br \/>\nOrganised Crime Office (EOCO) investigated his alleged misconduct at the failed<br \/>\nCapital Bank. <\/p>\n<p>Among the<br \/>\ncharges slapped on the failed bank director is a charge of conspiring to steal<br \/>\nand stealing GH\u00a270 million from the bank between June and August 2017.<\/p>\n<p>He is said to<br \/>\nhave connived with Kate Quartey-Papafio of Reroy Cables to steal the GH\u00a270 million.<\/p>\n<p>However,<br \/>\ninformation available to <strong><em>DAILY GUIDE<\/em><\/strong> indicates that Ato Essien<br \/>\nallegedly approached Kate Quartey-Papafio to pick shares in Capital Bank at the<br \/>\ntime the books of the bank were red and needed capital injection.<\/p>\n<p>She was said<br \/>\nto have shown interest in buying equity in the struggling bank but had no cash,<br \/>\nso she promised to use fixed assets as equity, to which the Bank of Ghana objected.\n<\/p>\n<p>Ato Essien, whose<br \/>\nmodus operandi is conscripting high-profile individuals to his numerous finance<br \/>\nhouses to gain credibility, decided to create an account for Ms. Quartey-Papafio<br \/>\nat Capital Bank and paid the GH\u00a270 million into it to buy shares in the bank.<\/p>\n<p>But before the<br \/>\nmoney landed in Kate\u2019s account at Capital Bank, where she actually had no account,<br \/>\nthe GH\u00a270 million had made a quick dash into the account of another customer of<br \/>\nthe bank, from where the money was returned to Capital Bank. <\/p>\n<p>According to<br \/>\nEOCO sources which investigated the stealing and money laundering case, the GH\u00a270<br \/>\nmillion travelled in three banks within one day, violating bank regulations.<br \/>\nThe money was said to be part of the GH\u00a2620 million bailout from BoG to the<br \/>\ndistressed bank. <\/p>\n<p>Unfortunately,<br \/>\nthe transaction took place at the time BoG was on the verge of stepping in by<br \/>\nrevoking Capital Bank\u2019s operating licence which made it difficult to clean the<br \/>\nbooks. The money was subsequently returned to GCB Bank by EOCO after the<br \/>\ninvestigation. <\/p>\n<p>Ato Essien was<br \/>\ncharged on Tuesday along with Rev. Fitzgerald Odonkor, Managing Director of the<br \/>\ndefunct Capital Bank; Tetteh Nettey, a director, and Kate Quartey-Papafio for conspiracy<br \/>\nto steal from the bank.<\/p>\n<p>Together, the<br \/>\nfour are facing a total of 26 counts of conspiracy to steal, stealing, money<br \/>\nlaundering, among others.<\/p>\n<p>A copy of the<br \/>\ncharge sheet filed at an Accra High Court indicates that Ato Essien and Tetteh<br \/>\nNettey, between October and November 2015, agreed to act together with a common<br \/>\npurpose to steal GH\u00a2100 million from the defunct bank.<\/p>\n<p>The two, with<br \/>\nthe help of Fitzgerald Odonkor, succeeded in stealing and misappropriating<br \/>\nGH\u00a2100 million belonging to the bank.<\/p>\n<p>Ato Essien and Tetteh Nettey are<br \/>\nalleged to have also stolen \u2014 between<br \/>\nthe same period \u2014 GH\u00a230 million from<br \/>\nthe bank.<\/p>\n<p>According to<br \/>\nthe charge sheet, the two, again in January 2016, stole and laundered an amount<br \/>\nof GH\u00a235 million from the bank.<\/p>\n<p>The charges<br \/>\nagainst Essien and Nettey also state that the two, in June 2015, stole another<br \/>\nGH\u00a22 million from the defunct bank orchestrated by Fitzgerald Odonkor.<\/p>\n<p><em>More coming.<\/em><\/p>\n<p><strong>By Fortune Alimi<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>William Ato Essien Recent information stumbled upon by DAILY GUIDE shows how William Ato Essien, founder of the defunct Capital Bank, allegedly took GH\u00a270 million from the bank, leading to its collapse. Ato Essien, who is facing 26 charges along with three others for stealing\u00a0 and misappropriating GH\u00a2262 million from the defunct Capital Bank, had [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":713191,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-720976","post","type-post","status-publish","format-standard","has-post-thumbnail","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How Ato Essien Was Charged With Stealing GH\u00a270m - 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\/11\/how-ato-essien-was-charged-with-stealing-gh\u00a270m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How Ato Essien Was Charged With Stealing GH\u00a270m - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"William Ato Essien Recent information stumbled upon by DAILY GUIDE shows how William Ato Essien, founder of the defunct Capital Bank, allegedly took GH\u00a270 million from the bank, leading to its collapse. 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