Ato Essien, 3 others get GH¢675 million bail

Owner of defunct Capital Bank, Willaim Ato Essien, two other officials of the bank and a businesswoman who are standing trial at the Accra High Court have been granted bail in the total sum of GH¢675 million.

Essien, Tettey Nettey and Fitzgerald Odonkor were each granted bail in the sum of GH¢200 million while Kate Quartey Papafio, the businesswoman was admitted to bail in the sum of GH¢75 million.

The four accused are also supposed to provide four sureties each.

As part of the bail conditions, the court, presided over by Justice Eric Kyei-Baffour, also ordered the passports of the accused to be deposited with the court registry.

The four accused were admitted to bail following an application by their respective lawyers after they had pleaded not guilty to various counts of stealing, abetment to stealing, conspiracy to steal and money laundering.

Prosecution’s facts
Presenting the facts, the Attorney -General (A-G), Ms Gloria Afua Akuffo, said Essien was the majority shareholder of Capital Bank, Odonkor was the MD of Capital Bank between 2015 and 2017, Nettey was the Managing Director of MC Management Service, a company owned by Essien while Papafio is a businesswoman and CEO of Reroy Cables Company Limited.

She said between June 2015 and November 2016, the Bank of Ghana gave GH¢620 million as liquidity support to Capital Bank.

According to the A-G, the accused persons with Essien as the kingpin engaged in various illegal acts and dissipated the money.