Revealed: Mensa Otabil, shareholders took about GHC450m from Capital Bank

The hullabaloo surrounding the banking crisis in Ghana has taken a new turn with information from YEN.com.gh sources suggesting that the problem with the now-defunct Capital Bank may be worse than earlier feared.

YEN.com.gh has information that breaks down the amounts of money borrowed by the shareholders of Capital Bank. It is thought these debts were the chief factors that collapsed the bank.

The bank, which collapsed over a year ago, was chaired by revered Christian preacher Dr Mensa Otabil. But now, the Daily Graphic is reporting that along with others, Dr Otabil took loans from the bank that they could not pay.

The total amount from the nine borrowers is about GHC 450 million.

Dr Otabil, ICGC and 13 other stakeholders of the Capital Bank have been dragged to court for their roles in the collapse of the bank.

The plaintiffs, Messrs Vish Ashiagbor and Eric Nana Nipah, both of the accounting and auditing firm PricewaterhouseCoopers, maintain that the defendants caused “financial loss” to the bank with their actions.

A detailed report from the Central Bank indicates that Dr Otabil was in the know about a GHc610 million liquidity support which was diverted into other businesses.

But Dr Otabil has rubbished the suit as someone expressing their opinion. He was confident that the courts will rule in his favour.