How Ato Essien was charged with Stealing GH¢70m

Recent information stumbled upon by DAILY GUIDE shows how William Ato Essien, founder of the defunct Capital Bank, allegedly took GH¢70 million from the bank, leading to its collapse.

Ato Essien, who is facing 26 charges along with three others for stealing and misappropriating GH¢262 million from the defunct Capital Bank, had earlier gone to the media ahead of his arraignment to create the impression that he was being made a victim.

In recent television appearances where he absolved himself of any wrongdoing, he said his association with any wrongdoing was politically motivated.

Ato Essien even said no adverse findings were made against him when the Economic and Organised Crime Office (EOCO) investigated his alleged misconduct at the failed Capital Bank.

Among the charges slapped on the failed bank director is a charge of conspiring to steal and stealing GH¢70 million from the bank between June and August 2017.

He is said to have connived with Kate Quartey-Papafio of Reroy Cables to steal the GH¢70 million.

However, information available to DAILY GUIDE indicates that Ato Essien allegedly approached Kate Quartey-Papafio to pick shares in Capital Bank at the time the books of the bank were red and needed capital injection.

She was said to have shown interest in buying equity in the struggling bank but had no cash, so she promised to use fixed assets as equity, to which the Bank of Ghana objected.

Ato Essien, whose modus operandi is conscripting high-profile individuals to his numerous finance houses to gain credibility, decided to create an account for Ms. Quartey-Papafio at Capital Bank and paid the GH¢70 million into it to buy shares in the bank.

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