General News of Tue, 14 Aug 201829

Capital Bank Saga: I was a 'non-executive' Board Chairman - Otabil

Founder and General Overseer of the International Central Gospel Church (ICGC), Dr Mensa Otabil, has been explaining his managerial role in the now defunct Capital Bank.

The renowned man of God has been hounded by some since news went viral about how the top hierarchy of the Bank, inappropriately disbursed funds from the Bank of Ghana (BoG).

According to a report released last week by the BoG, Capital Bank misapplied 620 million cedis Liquidity Support it (BoG) extended to the then distressed financial institution.

The amount was meant to help the struggling bank stay viable.

But the managers, in what the Central Bank calls deceit, allegedly diverted the money into some other ventures.

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In a statement issued early Tuesday, over his role in the collapse of Capital Bank as Board Chairman, Pastor Otabil explained that his "position was a non-executive role", but pointed out that "some decisions made turned out well while some did not turn out as well as had been anticipated."

"As far as I can tell, everything was done with the best of intentions and the interest of various stakeholders in mind," he added.

The full statement is published below.

Re: Capital Bank And Related Matters

Greetings!

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1. I have observed with concern, the ongoing media discussions regarding developments in the Banking Sector and my role either directly or indirectly.

2. I accepted to be Board Chairman of Capital Bank in a bid to help strengthen a promising Ghanaian enterprise that had potential but also challenges. I was excited about the prospects of a young man from a disadvantaged background who was daring to create opportunities and employment.

3. My position was a non-executive role. I was therefore not involved in the day-to-day management and operations of the Bank.



4. In the course of time, some decisions made turned out well while some did not turn out as well as had been anticipated. As far as I can tell, everything was done with the best of intentions and the interest of various stakeholders in mind.

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5. My foremost concern, as has been the case over the past year, is for the well-being of those who lost their jobs and those who may have been adversely affected in any way as a result of these developments. My heart goes out to them and to their dependents. I continue to pray for God’s guidance and sustenance as they navigate the course of their lives.

6. Since the takeover of the bank exactly a year ago today, various mandated state institutions have been investigating and working to arrive at a comprehensive understanding of what happened, why it happened and who was responsible for what. I have been invited by EOCO and I have submitted myself to their processes and answered all their questions faithfully.

7. For some time now, many discussion platforms have made varied references to me and to my perceived role. Some have reached out to me for clari?cations regarding issues that have been raised. I have preferred not to respond in the public domain, not as an admission of guilt, but out of respect for the due process and the ongoing investigations.

8. Notwithstanding some unforeseen outcomes, I remain resolute in my belief in the Ghanaian and African entrepreneurial spirit. I will therefore continue to lend my support and mentorship to inspire others who dare to dream and work towards the promise of Africa’s growth and transformation.

9. Meanwhile, as a believer in the rule of law, I will continue to cooperate with the mandated institutions of state as they complete their investigations. I am con?dent that in the process, the national interest and the rights of all parties involved will be protected.

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Shalom, peace and life to you.

Signed, Pastor Mensa Otabil. 14th August, 2018.

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