William Ato Essien
JoyNews reproduced the points of the scenario as presented by the condition in the demo of the founder of defunct Money Lender Ato Essien and a few some others.
They have been slapped with 26 expenses together with thieving of different sums in extra of ¢260 million.
- William Ato Essien
- Tetteh Nettey
- Fitzgerald Odonkor
- Kate Quartey-Papafio
The 1st accused person, William Ato Essien was the bulk shareholder of Capital Lender Confined (Cash Lender), a wholly-owned Ghanaian financial institution which previously operated as a microfinance business. The 2nd accused man or woman, Tetteh Nettey, was the Managing Director of MC of Administration Provider, a company established by the 1st accused person purposely for the advertising of the incorporation of Sovereign Lender, one more brainchild of the 1st accused particular person. The 3rd accused human being, Fitzgerald Odonkor, was the Handling Director of Capital Lender from June 2015 to August 2017. The 4th accused individual, Kate Quartey-Papafio is a businesswoman and Chief Government Officer of Reroy Cables Company Minimal.
Involving June 2015 and November 2016, pursuant to an software by Money Lender, the Bank of Ghana (Lavatory) provided a whole sum of GHS 620 million as liquidity assistance to Cash Lender to enable it to fulfill its capital adequacy ratio and to help it to provider its maturing credit card debt obligations.
In Oct 2015, the 1st accused individual, aided by the 3rd accused human being, triggered a transfer of a sum of GHS 120 million of the liquidity assist quantity to All Time Money Restricted (All Time), financial investment administration and advisory firm. At the instance of the 1st, 2nd and 3rd accused persons, ¢100 million of the ¢120million which had been transferred to All Time, was even more transferred to MC Administration Expert services while ¢20million of the amount of ¢120 million was transferred to Pronto Design and Materials Restricted (Pronto Construction).
The sum of GHS 100 million which was transferred to MC Management Companies was subsequently represented by the 2nd accused man or woman to Bathroom as first Capital of Sovereign Financial institution while the ¢20 million that was transferred to Pronto Design was utilised by the Controlling Director of Pronto Construction, ostensibly to acquire shares in Capital Lender.
All over again, at the instance of the 1st and 3rd accused persons, ¢65million out of the Bathroom liquidity assist of ¢620 million was transferred to Nordea Capital Constrained explained as an investment bank. Of the total of ¢65 million, the 1st accused human being, aided by the 3rd accused man or woman, induced ¢30 million to be transferred to MC Management Services which was represented to Lavatory as an extra preliminary money of Sovereign Financial institution by the 2nd accused man or woman.
With the assist of the 3rd accused human being, the remaining ¢35 million of the ¢65 million was paid into a Fidelity Bank account of Brietling Products and services, a enterprise also proven by the 1st accused individual. At the ask for of the 1st accused man or woman, the amount of money of ¢35 million which was transferred into the account of Brietling Expert services was subsequently transferred to Capital Africa Group, a firm owned by the 1st accused man or woman.
The full quantity of ¢130 million which was represented as preliminary capital of Sovereign Bank was eventually channelled by the 1st and 2nd accused people into Funds Africa Team, the 1st accused person’s enterprise, a lot less bank costs. The monies transferred into Cash Africa Team was ultimately dissipated by the 1st and 2nd accused persons.
Among June 2015 and October 2016, the 1st accused particular person, with the assist of the 3rd accused man or woman, appropriated a overall of GHS27.5million of the liquidity assistance which was conveyed in jute bags to the 1st accused man or woman and purportedly utilised as payment for small business marketing.
In June 2017, in furtherance of the conversion of parts of the ¢620 million liquidity help, the 1st accused human being brought about a sum of GHS100 million to be compensated into a Cash Lender account held by the Controlling Director of the following three companies Maripoma Business Minimal, Hardwick Confined and Volta Impex Enterprise Limited opened purposely to acquire the quantity. The ¢100 million was to be used by the Running Director of the three companies ostensibly as payment for 30% shares in Capital Financial institution.
As a cover-up of the conversion, the 1st accused man or woman prevailed on the Running Director of the organizations to post copies of Authorities Payment Certificates of the 3 (3) businesses valued at ¢135million to be discounted to ¢105 million by Funds Bank, to be made use of as collateral for the purported financial loan of ¢100 million.
The 1st accused person then brought about ¢70 million out of the GHS 100 million that experienced been beforehand paid into the Handling Director’s account at Cash Financial institution, to be transferred to the 4th accused person’s account with Calbank Minimal.
The 1st and 4th accused individuals subsequently triggered the quantity of ¢70 million in the Calbank account of the 4th accused man or woman to be further more transferred into a own account of the 4th accused particular person purposely opened at Funds Financial institution to receive the total.
Someday in 2017 after Funds Lender experienced gone into receivership, the 4th accused person even though absolutely conscious that Money bank had long gone into liquidation, attempted to withdraw the complete amount of ¢70 million which experienced been lodged in her individual account with Cash Bank but was nonetheless prevented from executing so by the receivers.