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.
Have your say
More News Headlines
- Withdraw bill to regulate training of lawyers – Legal practioners, MPs
- Foreign Minister itemises utilisation of $3b China loan
- Ugandan cows 'to get birth certificates'
- Immigration foils trafficking of 7 girls
- Ghanaian scientists to be profiled at landmark scientific meeting
- 2nd Edition of Driver & Road Safety Awards launched
- Suspend prosecution of Menzgold CEO, help us retrieve cash - Aggrieved customers
- Poly Tank receives second Superbrand award
- Rev. Steve Mensah, CEM to build ‘Ability Village' for PWDs
- Autism school nears collapse as ¢200k investment for kids is locked up
- Textbook publishers to be certified by NaCCA
- Afoko pleads not guilty to murder charges
- Sandema SHTS: Student dies after clashes with police
- Concerned old boys of Bishop Herman College raise funds to buy mono-desks
- Prof Bawole appointed Dean of University of Ghana Business School