MR WILLIAM ATO ESSIEN NEVER STOLEN GHC90 MILLION AS STATED

 The Head of Mission for the Commonwealth Enterprises Investment Council and Board Member of the Commonwealth Human Rights Office, Dr John Apea, has refuted widespread claims that the former Capital Bank founder, William Ato Essien, stole GH¢ 90 million.

Story by Bismark Oppong 

DR JOHN APEA

Speaking at a press conference in Accra, Dr John Apea stressed that the amount in question was not stolen, but rather tied to a commercial loan and a legitimate facilitator’s fee.

“The liquidity support given to Capital Bank was not free money, it was a commercial loan with a 28% interest rate. The bank had been repaying GHS 14.4 million monthly and had paid back over GHS 300 million before it was shut down,” he explained.

The controversy surrounding the GHS 90 million stems largely from a GHS 27.5 million finder’s fee paid to Mr. Essien for arranging the loan. According to the him said  this fee represented 3–4% of the loan – standard practice in business. Notably, the former Managing Director of Capital Bank, who approved the payment, was acquitted of any wrongdoing.

How can the person who paid the fee be acquitted, but the person who received it be jailed? he questioned. He also clarified that the GHS 90 million figure was the result of adding 300% interest to the original finder’s fee, a calculation he described as misleading.

The Commonwealth Representatives emphasized that Mr. Essien was not part of bank management at the time and had stepped down as CEO in 2012. He further revealed that before Mr. Essien’s imprisonment, he had already repaid GHS 43.5 million, including the finder’s fee.

We don’t know the exact reasons why he accepted the plea bargain. But based on the facts, it is unfair to label him as a thief,” he said.

The group plans to submit a formal petition to the President of Ghana next week, seeking a review of the case.

We are not here to argue the case in court that’s for the lawyers. But we are here to provide the facts and correct the public narrative, he concluded.

Source: www.ghanansemonline.blogspot.com