Pressure is mounting on the Managing Director of ADB Bank, Dr John Kofi Mensah, to step down voluntarily or be removed from office in view of the legal suit brought against him by the Receivers of Capital Bank.
Popular pastor, Mensa Otabil, and his church International Central Gospel Church are among 15 shareholders and directors of defunct Capital Bank sued over the collapse of the bank.
The Plaintiffs Messrs Vish Ashiagbor and Eric Nana Nipah from PricewaterhouseCoopers say the bank’s collapse was a “direct result’ of defendants’” “‘misgovernance” and “willful” breaches of banking regulations.
The writ of summons named the ‘sins’ of each of the defendants and confirmed a financial autopsy report that said its founder William Ato Essien used depositors funds as is ‘personal piggy bank’.
In one such ‘personal piggy bank’ transactions, Ato Essien request for ¢130m loan to be given to an investment company he owned, Capital and More Ltd.
But the senior management of the bank declined the disbursement of the money which was public funds from the Bank of Ghana injected to save the troubled bank in 2015.
The Association of Ghana Industries (AGI) has appealed to the Ghana Revenue Authority (GRA) to continue to bear the cost of the implementation of the tax stamp policy.
The CEO of Menzgold, Nana Appiah Mensah, has moved to assure Ghanaians that the gold dealership firm will not fold after the Deputy Minister of Finance controversially claimed that the company was on the verge of being closed down in the country.
Businessman Dr. Papa Kwesi Nduom has resigned as the Chairman of all Group Nduom Companies in Ghana.