Pastor Mensa Otabil, together with then CEO of the Capital Bank, Ato Essien, have been under scrutiny over their roles in the diversion of a GHS610 million liquidity support from the Bank of Ghana.
The government may have to sell Pastor Mensa Otabil’s properties to offset his debt if he is found guilty of expending state money, a financial and banking consultant, Dr. Richmond Akwasi Attuahene, has said.
Pastor Otabil has come under criticism from a section of Ghanaians over his involvement in the collapse of Capital Bank, where he served as Board Chairman.
A detailed investigative report indicates that a GHS610 million liquidity support from the Bank of Ghana to help stabilize Capital bank was diverted into other businesses.
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The ICGC founder together with then CEO of the Capital bank, Ato Essien, have since been under scrutiny over their roles in the diversion of the funds, as well as the subsequent collapse of the bank.
Dr. Akwasi Attuahene believes if the preacher and the other persons involved are found guilty of expending the tax payer’s money, then the government will have no choice than to sell their properties to offset the debt.
"Though it may take a long legal battle, government is following due processes to retrieve the tax payer’s money," he stated
"The complainant may also look at the criminal aspect of the case and pursue it after helping to retrieve government's cash from the defaulters or possibly end them up in jail," the financial and banking consultant added.
Meanwhile, Pastor Otabil, his church, ICGC, and 13 other shareholders and directors of the now-defunct Capital Bank have been dragged to court over their roles in the collapse of the bank.
They have been sued by Messrs Vish Ashiagbor and Eric Nana Nipah, who both work with accounting and auditing firm PricewaterhouseCoopers.
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The plaintiffs argue that the Capital Bank collapsed as a “direct result” of the defendants’ “misgovernance” and “willful” breaches of banking regulations.
In their writ, the plaintiffs said the listed defendants caused "serious financial loss" to the Capital Bank, which eventually led to its collapse last year and therefore want them held accountable.