Collapsed Bank: It’s ‘incorrect’ to implicate me in Capital Bank collapse – Ato Essien

The Director of defunct Capital Bank, William Ato Essien, has refuted claims that he was in-part responsible for the collapse of the bank.

According to him, the Bank of Ghana’s report that implicates him in the collapse of the bank is ‘factually incorrect”.

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Ato Essien, who was the majority shareholder in the bank, said the matter is still being investigated by Economic and Organized Crime Organization (EOCO) and that he has not been found guilty of anything.

“There are several aspects of the circulating reports that are factually incorrect,” he said in a statement issued on his behalf by his lawyers.

He added that other directors and shareholders of the defunct bank are also being investigated by EOCO.

Ato Essien is reported to have, with the approval of the board chairman, used monies it received from the Central Bank as financial support to for other uses including securing the license for another collapsed bank, Sovereign Bank.

This was contained in a detailed report by the BoG, which said he flouted all banking and risk management rules in the management of monies saved at the bank by its customers.

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“Our client and other directors/shareholders have been thoroughly investigated by the Economic and Organized Crime Office (EOCO) over the last six months which is continuing… As far as our client is aware of, EOCO has not issued its findings on the investigations yet,” the statement from Ato Essien’s lawyers read.

His lawyers further called out the media, insisting no judgement has been passed on the client, hence he cannot be made guilty of anything.

“We urge the press to, therefore, be circumspect in their reportage and await the outcome or findings of the EOCO investigations,” the statement added.


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