Prime News Ghana

Capital Bank founder used GHS80M of deposits for personal businesses

By Hagar Ofosua
Capital bank

Findings on the collapse of Capital Bank has revealed that the founder, Ato Essien, used GHS80m of depositors and public funds for scores of his personal businesses.

 The report further indicates, the businessman personally invested these monies into businesses in breach of all banking and risk management rules.

The money was pushed into ten businesses in Ghana including:

Ocean Spring Mineral Water, Brietling Services, Gye Nyame Realty Ltd, Capital and More Co. Ltd, Accent Financial Services Ltd, Life Assurance Ltd, Capital Africa Group, Nordea Capital, Commerz Savings and Loans and the now-defunct Sovereign Bank.

Capital Bank also invested in Zimbabwe with First Capital Plus LLC, Gye Nyame Resources LLC, Bill Minerals LLC.

Some funds were also pumped into Essien Swiss International Capital Holdings (ESICH).

The Bank of Ghana collapsed Capital bank in August 2017.

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