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Capital Bank top officials charged with stealing and money laundering

botchway October 10, 2019

 

By Maxwell Ofori

William Ato Essien, Founder of defunct Capital Bank, and three other persons have been charged with 26 offences for their roles leading to the collapse of the bank.

The others are Fitzgerald Odonkor, former Chief Executive Officer (CEO) of the bank; Dr Tetteh Nettey, owner of MC Management Services Limited, and Kate Quartey-Papafio, CEO of Reroy Cables Limited, and were cited in the charge sheet presented to the Accra High Court.

The suit, filed at an Accra High Court by the state on October 8, 2019, and sighted by The Chronicle, was under the signature of Marina Appiah-Opare, Chief State Attorney, for the Attorney General.

Ato Essien and Tettey Nettey have been charged for allegedly conspiring to steal, contrary to section 23(1) and 124(1) of the Criminal Offences Act, 1960 (Act 29).

Explaining the offence, the writ said William Ato Essien and Tetteh Nettey, between October and November 2015, agreed to act together with a common purpose to steal the sum of GH¢100,000,000, the property of Capital Bank.

Count two charged the other three, without Kate Quartey-Papafio, for abetment of crime, namely stealing. The writ explained that Fritzgerald Odonkor, between October and November 2015, abetted William Ato Essien and Tetteh Nettey to dishonestly appropriate the sum of GH¢100,000,000 belonging to the bank.

On count four, William Ato Essien and Tetteh Netteh have been charged for money laundering, having converted the sum of GH¢100,000,000 knowing it to be proceeds of crime.

William Ato Essien has again been charged for converting GH¢35,000,000, contrary to section 1(1)(a) of the Anti-Money Laundering Act, 2008 (Act 749).

The suit also said William Ato Essien and Kate Quartey-Papafio, between June and August 2017, agreed to act together with the common purpose to steal the sum of GH¢70,000,000, being the property of Capital Bank.

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