body-container-line-1
12.08.2018 Headlines

Otabil Should Face Justice If Guilty Over Capital Bank Rot – Franklin Cudjoe

By CitiNewsRoom
Otabil Should Face Justice If Guilty Over Capital Bank Rot – Franklin Cudjoe
12.08.2018 LISTEN

Executive Director of IMANI Africa, Franklin Cudjoe is pushing for sanctions against persons responsible for the collapse of Capital Bank.

In a Facebook post, Franklin Cudjoe posited that the former Board Chairman of the now-defunct bank, Dr. Mensa Otabil should face the law if found culpable.

“Should Pastor be found culpable beyond ignorance of the deals, he should also face the law,” Franklin Cudjoe said in his post.

A few days ago, citinewsroom.com sighted an investigative report indicating that Dr. Mensa Otabil may have played a role in malfeasances that led to the collapse of Capital Bank.

Dr. Otabil appeared to be aware of the misuse of liquidity support from the Bank of Ghana, according to the investigative report

The liquidity support amounted to GHc 610 million.

Cooperate with state agencies
Mr. Cudjoe also emphasized the need for Dr. Mensa Otabil to cooperate with state investigative officers “in the hope that evidence so gathered will lead to his CEO facing the full force of the law.”

Capital Bank CEO might've misled Otabil
Franklin Cudjoe further argued Dr. Mensa Otabil might have been misled by the Chief Executive Officer at the time.

“I am tempted to believe that Pastor Otabil was misled by his CEO.It does seem that the Pastor didn't quite possess the financial 'spirit' and eye to detect that the financial engineering his CEO engaged in was beyond normal limits of risk.”

“Is there evidence that other board members probably more experienced warned Board Chairman pastor about the varied seeds his CEO was sowing all over the lands that created a hole of Ghc 610m? As I have said, there is no evidence that board chair pastor actively colluded with his CEO to embezzle Ghs 610, so we cannot accuse him of wrong doing.”

‘Highest level of integrity'
In the midst of the controversy, the International Central Gospel Church (ICGC) has affirmed its loyalty to its head pastor, Dr. Mensa Otabil, amid controversy over the role he may have played in malfeasances that led to the collapse of Capital Bank.

ICGC's leadership and membership stressed what they described as Dr. Otabil's integrity and transparency over 30 years of service in a statement of support.

“Throughout this period, you have demonstrated integrity at its highest level before us. Many of us have built our Christian character around the values you continue to exhibit. The transparency with which you have led this church continues to motivate us to do same when it comes to matters of integrity. At a time like this, we affirm our loyalty to you and celebrate you as the embodiment of Christian.

body-container-line