The Head of Mission for the Commonwealth Enterprise and Investment Council, Dr. John Apea as asked for a presidential pardon for Mr. William Ato Essien, founder of capital Bank.
William Essien was convicted and jailed for 15 years over Gh¢90 million theft against him and currently in a poor state of health in prison custody.
According to Mr. John Apea, the Gh¢90 million was part of a liquidity support loan released to Capital Bank by the Bank of Ghana and not bailout or grant stolen by the founder of the bank.
Dr. Apea who doubles as a Board Member of the Commonwealth Human Rights Office said Capital Bank did pay Gh¢14.4 million monthly on the said money without default and have paid Gh¢308 million before the closure of the bank.
He said the liquidity support did not come as free money and explained that it was a commercial loan of 28% per annum and however pointed out that Mr. William Essien was neither the Managing Director and also not part of the managerial team, adding that he facilitated in securing the loan for the bank.
He further explained that Mr. Ato Essien received a finder’s fee of Gh¢27.5 million and stated that it is a common practice for intermediaries in such transactions, adding that Essien signed the contract to receive a facilitator’s fee or an agent fee of which he did not steal any money.
“The Managing Director of the then Capital Bank accused of authorizing the Gh¢27.5 million payment was acquitted in court while Mr. Essien was jailed for receiving the agent fee,” he wondered.
Report by Ben LARYEA
