{"id":13107,"date":"2018-11-07T12:57:39","date_gmt":"2018-11-07T12:57:39","guid":{"rendered":"https:\/\/www.kumasionlinegh.com\/?p=13107"},"modified":"2018-11-07T12:57:39","modified_gmt":"2018-11-07T12:57:39","slug":"capital-bank-collapse-full-truth-will-come-out-otabil","status":"publish","type":"post","link":"https:\/\/www.kumasionlinetv.com\/?p=13107","title":{"rendered":"Capital Bank collapse: Full truth will come out \u2013 Otabil"},"content":{"rendered":"

\"\"<\/p>\n

The Head Pastor of the International Central Gospel Church, ICGC, and former Board Chairman of now defunct Capital Bank, has told his congregation that the full truth in the ensuing controversy about the bank\u2019s collapse will be known soon.<\/p>\n

He made the comment on Tuesday evening during a service at his church.<\/p>\n

Pastor Otabil, who is yet to speak in detail about the controversial subject has been\u00a0sued together with 15 other shareholders and directors<\/a>\u00a0<\/strong>including his ICGC church by the receivers of the Bank.<\/p>\n

But he told his congregation that the suit in no way suggests that he is guilty.<\/p>\n

\u201cWhen someone sues you, it is not an evidence, neither is it judgment, it is just somebody\u2019s opinion,\u201d he said.<\/p><\/blockquote>\n

He said while he cannot explain details of the matter to the congregation, he will allow the due judicial processes to continue and is hopeful that \u201cthe full truth will be known.\u201d<\/p>\n

\u201cI know people have all kinds of questions and so on, first of all I can\u2019t explain anything to you. I can\u2019t because I\u2019m in court. We will allow the process to continue and hopefully, the full truth will be known,\u201d he said.<\/p><\/blockquote>\n

In the suit brought against him by Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers, the receivers said within seven years, the directors of the defunct bank including Otabil, approved loans and placement of funds to themselves and related parties \u201cwithout the requisite collaterals and in clear breach of the company\u2019s internal policies and relevant banking regulations and Ghanaian company law.\u201d<\/p>\n

Proceedings will be interesting<\/strong><\/p>\n

Pastor Mensa Otabil urged the congregants to closely follow the legal proceedings, indicating that it will be \u201cinteresting\u201d.<\/p>\n

\u201cThere is space for people\u2019s opinion but when you go to court, you are not just dealing with people\u2019s opinion. You deal with facts so it\u2019s going to be interesting\u2026. there will be defense and other things so follow closely how things will proceed.\u201d<\/p>\n

Capital bank collapse<\/strong><\/p>\n

Capital Bank collapsed about a year ago together with UT bank whom the Bank of Ghana claimed had become \u201cdeeply insolvent\u201d and were acquired by GCB bank.<\/p>\n

A report which emerged a year after Capital Bank was collapsed and taken over by GCB Bank indicated that the then-Board Chair,\u00a0Pastor Mensa Otabil may have been a party to the misuse of liquidity support given the bank by the Bank of Ghana (BoG).<\/p>\n

The report cites an emergency board and Executive Committee meeting on October 13, 2015, which notes concern with the manner in which the GHc 610 million liquidity support to the struggling bank was being used.<\/p>\n

Instead of using the money the central bank gave Capital Bank as liquidity support for the bank\u2019s business, the management with the approval of the Board Chair, diverted the money for other uses, leading to the eventual collapse of the Capital Bank in August 2017.<\/p>\n

\u2013<\/p>\n

Source: Citinewsroom.com<\/p>\n","protected":false},"excerpt":{"rendered":"

The Head Pastor of the International Central Gospel Church, ICGC, and former Board Chairman of now defunct Capital Bank, has told his congregation that the full truth in the ensuing controversy about the bank\u2019s collapse will be known soon. He made the comment on Tuesday evening during a service at his church. Pastor Otabil, who […]<\/p>\n","protected":false},"author":2,"featured_media":13108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"iawp_total_views":0,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-13107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nCapital Bank collapse: Full truth will come out \u2013 Otabil - Kumasi Online TV<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kumasionlinetv.com\/?p=13107\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capital Bank collapse: Full truth will come out \u2013 Otabil - Kumasi Online TV\" \/>\n<meta property=\"og:description\" content=\"The Head Pastor of the International Central Gospel Church, ICGC, and former Board Chairman of now defunct Capital Bank, has told his congregation that the full truth in the ensuing controversy about the bank\u2019s collapse will be known soon. 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