The Commercial Court 7 Division of the High Court on Thursday, July 8, 2021, acquitted and discharged Kate Quartey-Papafio from the ongoing criminal prosecutions over the collapse of Capital Bank.
The businesswoman, who is also the Chief Executive of Reroy Cables Limited, was charged together alongside William Ato Essien, Tettey Nertey, and Fitzgerald Odonkor with conspiracy to steal, stealing and laundering of stolen money.
But Justice Eric Kyei Baffour in a ruling on a submission of no case on Thursday, July 8, 2021, described her role in the events leading up to the collapse of Capital Bank as childish rather than criminal.
The learned Judge said as a businesswoman, she did not exercise her business acumen in relation to her dealings.
This notwithstanding, the learned judge observed that the law only recognized a person who acts in bad faith.
Consequently, he ruled that the Republic had not made a sufficient case to warrant the court to invite the businesswoman to answer questions.
Kate Quartey-Papafio was thus accordingly acquitted and discharged.
Also, per this ruling, William Ato Essien, the 1st Accused person in the trial, and former CEO and Founder of the defunct bank, stands acquitted and discharged on counts 24, 25 and 26 of the charges [levelled against him], as such he will not be answering to them in his defence.