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12 August 2018 | Business & Finance

Nordea Capital Dissociates Itself From Collapsed Capital Bank CEO

MyJoyOnline
Nordea Capital Dissociates Itself From Collapsed Capital Bank CEO

Investment firm, Nordea Capital Ltd has denied any links with William Ato Essien, founder of Capital Bank which collapsed in August 2017.

In a press release issued by the company's attorneys, the management of the company say Ato Essien has no stake direct or indirect in the investment firm.

Capital bank with 610m cedis from the central bank to cure its liquidity struggles allegedly mismanged the funds leading to its collapse.

Although Nordea was cited in the report detailing the events leading to the collapse, the investment firm only arranged to get 65m of the bail-out money to be put into MC Management Services and Brietling Services.

This money was not an investment into Nordea Capital, the exclusive report indicated and has been confirmed by the press statement.

Mr Ato Essien who founded Capital bank has been accused of using 80m cedis of depositors and public funds for his personal piggy bank.

He "flouted all banking and risk management rules" in the management of monies saved there by its customers.

TO: ALL MEDIA HOUSES
August 9, 2018
RE: MEDIA REPORTS ON CAPITAL BANK & NORDEA CAPITAL LIMITED

We act as Solicitors for Nordea Capital Limited on the above mentioned subject.

Our Client’s attention has been drawn to several publications making the rounds on your media platforms that Mr. Ato Essien, founder of the erstwhile Capital Bank invested the total sum of Sixty-Five Million Cedis (GHC65,000,000.00) of purported liquidity support from the Bank of Ghana in Nordea Capital Limited.

Our Clients wishes to state that it was only engaged as an arranger for a commercial paper issued by MC Management Services and Brietling Services with Capital Bank as the Investor; which role they played falls within the authorized business of Nordea Capital as an Investment Banking & Asset Management firm.

Our Client wishes also to debunk the news that Mr. Essien is a related party to Nordea Capital. Our Client wishes to state emphatically that Mr. Essien does not hold and has never held any direct or indirect stake in Nordea Capital; neither has he ever had any authority whatsoever from Nordea Capital to act for or on its behalf.

Our Client therefore wishes to distance itself from these and remain committed to serving its cherished Clients with first class investment banking and asset management services.

Thank you.
Sincerely,
CJ PLUS ATTORNEYS
Story by Ghana|myjoyonline.com

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