ICGC, Otabil and 13 others sued for causing serious financial loss

ICGC, Otabil and 13 others sued for causing serious financial loss

Two people, Vish Ashiagbor and Eric Nana Nipah from PricewaterhouseCoopers, have reportedly sued Pastor Mensa Otabil, the International Central Gospel Church (ICGC) and 13 others for causing serious financial loss.

According to the plaintiffs, the collapse of Capital Bank was a “direct result of the defendants’ misgovernance” and “willful” breaches of banking regulations.

The writ of summons listed the actions of each of the defendants and confirmed a financial autopsy report that said Capital Bank’s founder William Ato Essien, used depositors funds as his ‘personal piggy bank.’

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It further revealed that various sums of monies were withdrawn from the bank by Essien to finance a number of transactions.

One of them, in which a sum of GHC130 million was given as a loan to him, was allegedly guaranteed by Dr. Otabil, in his capacity as the Board Chairman of the then Capital Bank.

Ghanaians took to social media to express their opinions about the latest development in the saga of the defunct Capital Bank:

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Source: Yen

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