Ato Essien sheds tears in court as he recounts formation, successes of Capital Bank

The founder of the defunct Capital Bank, William Ato Essien, who has been accused of collapsing the bank, shed tears at the Accra High Court Thursday afternoon as he described the formation and successes of the defunct bank.

Essien who was continuing with his defence, broke into tears when he told the court that Capital Bank would have been a household name if it was still in operation.

“There was absolutely no doubt that all that it required was just a matter of time and Capital Bank would have become a household name,” he said.

As he spoke the words, Essien’s voice became hoarse, and he started wiping his tears.

The presiding judge, Justice Eric Kyei Baffour, a Justice of the Court of Appeal sitting as a High Court judge, asked his court clerk to offer Essien a tissue and water.

A lawyer in the courtroom stood up and offered a tissue as the court clerk went out to get water for Essien.

Essien described the formation, shareholder structure of Capital Bank as well as some of the innovations initiated by the defunct bank.

He will continue the defence on November 18.

Not guilty

Essien is standing trial with the Managing Director (MD) of the defunct bank, Fitzgerald Odonkor, and the MD of MC Management Services, Tettey Nettey.

MC Management Services is said to be owned by Essien.

The accused persons have pleaded not guilty to all the charges of stealing, abetment to stealing, conspiracy to steal and money laundering.

The prosecution has accused the three people of engaging in various illegal acts that led to the dissipation of the GH¢620-million liquidity support given to Capital Bank by the BoG between June 2015 and November 2016.

It is the case of the A-G that Essien, with Odonkor’s aid, transferred the liquidity support to certain companies either controlled by him or in which he had interest.