Audio By Carbonatix
There have been revelations by the Central Bank detailing what auditors term “willful deceit” on the part of shareholders and directors of defunct UT and Capital Banks.
A 2014 Bank of Ghana (BoG) Examination and Inspection Report by Boulders and Advisors Limited also found that there was a significant amount of inter-group lending within the two banks.
Connected party loans were also made to:
- Ibrahim Mahama's related Companies amounting to ¢261.4 million and $6.4 million
- Quincy Sintim's related companies, amounting to ¢84.1 million
- Beige Group's related companies amounting to ¢10.9 million
The infographic below details how Capital Bank was licensed and how it used bailout funds the BoG gave it when it was distressed.
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