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Mensa Otabil speaks about his role in defunct Capital Bank’s debt

- The head pastor of the International General Gospel Church (ICGC), Pastor Mensa Otabil, has reacted to a suit from PricewaterhouseCoopers, an audit firm
- According to him, the GHC482 million debt owed by the defunct Capital Bank was not as a result of the directors' negligence
- 15 people, including Pastor Otabil, were sued after the collapse of the defunct Capital Bank
The founder of the International General Gospel Church (ICGC), Pastor Mensa Otabil, has claimed that he did not benefit from loans, as a former board chairman of the Capital Bank.
He added that the defunct Capital Bank’s GHc482 million debt “did not result from the negligence of directors.”
“Neither did the board make a misrepresentation to the Bank of Ghana (BoG) as regards the payment of minimum capital,” his statement of defence added.
Pastor Otabil, along with 14 other shareholders, were sued over the collapse of Capital Bank.
The suit was brought against the shareholders by Vish Ashiagbor and Eric Nana Nipah of PricewaterhouseCoopers, who are receivers of the bank.
In their writ of summons, the plaintiffs said the directors of the defunct bank unlawfully approved loans and the placement of funds to themselves and related parties.
Outlining the failure of each of the 15 persons sued, the plaintiffs prayed the court to order the defunct bank’s directors to pay compensatory damages to the receivers.
They also want the bank’s former founder, William Ato Essien, to pay back over GHC 468 million in shareholder loans and GHC 108 million that was granted to him and his other companies.
But Pastor Otabil maintains that he and the other directors were diligent and acted in the best interests of the bank.
He further noted that he did not submit non-existent investment certificates totaling GHc52.3 million “being investments to be used as top-up capital for the purposes of obtaining a class 1 banking license from the Bank of Ghana.”


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