The former Chief Executive Officer and Managing Director of defunct Capital Bank, William Ato Essien has been sued over the collapse of the bank.
Ato Essien, alongside Fitzgerald Odonkor, Kate Quartey-Papafio and Tetteh Nettey, who were all executives of the bank, have been hit with 26 charges by the state.
In a suit filed at the Accra High Court on Tuesday, October 8, 2019, the state accused Ato Essien and Tetteh Nettey of “conspiracy to steal contrary to sections 23 (1) and 124 (1) of the Criminal Offences Act, 1960 (Act 29).”
“William Ato Essien and Tetteh Nettey between October and November 2015 in Accra in the Greater Accra Region agreed to act together with a common purpose to steal the sum of GHc100,000,000,” the writ stated.
The Bank of Ghana August 2017 revoked the licences Capital bank due to its insolvency, leading to a seamless takeover of the two banks by GCB Bank. Capital Bank was found to be owing GH₵468 million, which was said to have arisen due to negligence from the Board.