Wed, 15 Aug 2018 Business & Finance

‘Ignorance’ Is No Excuse For Otabil In Capital Bank Mess

By CitiNewsRoom
Ignorance Is No Excuse For Otabil In Capital Bank Mess

Being ignorant about happenings in the bank cannot be an excuse for the Board Chairman of the defunct Capital Bank, Dr. Mensa Otabil, if evidence of mismanagement is established, banking consultant Nana Otuo Acheampong has said.

As more revelations of the suspected malfeasance in Capital Bank emerge, Dr. Otabil has distanced himself from potentially incriminating transactions by saying he was not involved in the daily management and operations of the bank.

Among other things, it has emerged that GCH610 billion given to the bank was diverted without due process.

Nonetheless, in his first comment on the matter, he said, “my position was a non-executive role. I was therefore not involved in the day-to-day management and operations of the Bank. In the course of time, some decisions made turned out well while some did not turn out as well as had been anticipated.”

Mr. Otuo Acheampong said even if Dr. Otabil is found to be clean in ongoing investigations, he will still have to take responsibility for the actions of other board members, Mr, Otuo Acheampong stated.

“Decisions taken by the board, whether you were present or absent, you are liable. The board is at the helm of any corporation, any company, any branch because you are the soul of the institution. So anything that goes on is done under your purview.”

“If executives fail in their duty to report accurately to you, then you cannot shield or be shielded from blame. In the case that we are talking about now, a director of any of the seven banks is jointly and severally liable for whatever infractions that may have occurred.”

Dr. Otabil said he was cooperating with the Economic and Organised Crime Office (EOCO) in the investigation of the collapse of the bank.

“Since the takeover of the bank exactly a year ago today, various mandated state institutions have been investigating and working to arrive at a comprehensive understanding of what happened, why it happened and who was responsible for what. I have been invited by EOCO, and I have submitted myself to their processes and answered all their questions faithfully,” Dr. Otabil said in the statement.