Prosecute directors of 7 collapsed banks - Christian Council

Prosecute directors of 7 collapsed banks - Christian Council
Source: Ghana|myjoyonline.com
Date: 09-08-2018 Time: 10:08:09:am
Five Managing Directors of the dissolved banks: L-R: Stephen Kpordzih (Construction Bank) Osei Asafo - Adjei (Royal Bank) Dr Duffuor II (uniBank), Johan Rheeder (Sovereign Bank) , Mike Nyinaku (Beige Bank)

The Christian Council of Ghana has called for the prosecution of persons who played various roles in the collapse of seven local banks in the past 12 months.

Speaking at a synod of the Global Evangelical church at the University of Ghana, General Secretary of the Council, Rev Cyril Fayose, said only a thorough investigation and prosecution will help restore the plummeting public confidence in the banking sector.

Last week, the licenses of five universal banks, Royal Bank, Construction Bank, Sovereign Bank, Unibank and BEIGE Bank, were revoked.

The withdrawal of the licence came 12 months after the licences of UT and Capital banks were revoked in August 2017.

Startling details have since emerged pointing to the complicity of Bank of Ghana managers and officials who looked on while basic banking regulations were breached with sustained careless abandon.

Founder of Capital Bank Ato Essien has been indicted in a confidential report sighted by Joy News in which he kept and used 80m cedis of depositors money as his "personal piggy bank".

Some 610m bail-out from the central bank to help Capital bank was mismanaged, the report claims.

Joining in the growing public shock, the Christian Council said it finds it unacceptable that bail-out money which is public funds could end up in pockets of individuals connected with the affected banks.

Image result for Rev Cyril fayose

Photo: General Secretary of the Council, Rev Cyril Fayose

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