EOCO to investigate all directors of UT, Capital banks

EOCO to investigate all directors of UT, Capital banks

- EOCO has summoned directors of the collapsed UT, Capital Banks

- All directors could be prosecuted once incriminated of foul play

- There are suspicions Mensa Otabil could be part of those meeting EOCO

All directors of the collapsed UT and Capital Banks have been dragged to the Economic and Organised Crime Office (EOCO) for answers on what led to the collapse of these banks.

This emergency summons comes in the wake of shocking revelations on what caused the collapse of these banks.

READ ALSO: Thousands of Ghanaians to stage fierce protest against gov'ts military deal with America

The collapse of these banks follows the startling hike in liabilities of the two banks leaving the BoG with no option but to undertake a purchase and assumption transaction as the least costly method of dealing with a collapse.

The investigations made by the Bank of Ghana shows that:

1. UT and Capital Banks were illegally run by owner chief executives, despite rules by the regulator.espite

2. These directors took unilateral agreements on credit extension and breached all the rules that have to do with related party transactions and connected lending.

3. There were weak corporate governance structures at both banks.

So far, the governor of the bank of Ghana has revealed that all managers incriminated in the investigations will be prosecuted.

READ ALSO: Thousands of Ghanaians to stage fierce protest against gov'ts military deal with America

Meanwhile, there are suspicions that the General Overseer of the International Central Gospel Church (ICGC), Dr. Mensa Otabil, headed the leadership of Capital Bank as the board chairman of the bank., could be part of the investigations.

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Source: Yen.com.gh

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