Reports about Ato Essien factually inaccurate – Lawyers

Reports about Ato Essien factually inaccurate – Lawyers
Source: Ghana| |Abubakar Ibrahim
Date: 09-08-2018 Time: 09:08:25:pm
Founder of defunct Capital Bank, William Ato Essien

Lawyers for the embattled founder of Capital Bank, William Ato Essien, have said reports about their clients in the public domain is not accurate.

In a press release Thursday, they said the Economic and Organised Crime Office (EOCO), which investigated their client and others following the collapse of Capital bank, is yet to issue its report.

The Central Bank revoked the license of two commercial banks - UT Bank and Capital Bank in August last year.

The action was triggered by the inability of the two banks to turn around their negative capital adequacy position which has lingered on for some time now.

BoG said the action has been taken against the affected banks due to their “terrible” financial situation and their inability to perform within the banking industry.

Mr Ato William’s name has been making the headlines after five more banks were closed down last week.

He is said to have engaged in acts of “willful deceit” which contributed to the collapse of his bank and one of the closed banks, Sovereign Bank.

But his lawyers disagree with the reports about him arguing that a lot of “factually incorrect” information is being circulated in the public domain.

“It is the expectation of our client that once EOCO concludes its investigations and issues its report, every issue under public discussion will be addressed,” they said in a released copied to

Mr Ato Essien, other directors and shareholders of defunct of Capital Bank are being investigated over the last six months for their roles in the collapse of the bank.

Below is the letter:


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