Accused Denies Dishonestly Taking GH¢130M To Set Up Sovereign Bank

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Mr William Ato Essien
Mr William Ato Essien

Dr Tetteh Nettey, one of the accused persons standing trial for the collapse of Capital bank has denied that he and William Ato Essien dishonestly took GHC130 million to set up Sovereign Bank.

Dr Nettey also denied that he held shares to the tune of GHC32.5 million in Sovereign Bank.

Answering questions under cross examination by Chief State Attorney Mrs Evelyn Keelson, Dr Nettey explained that “I held shares in trust for first accused person (Essien) to the tune of GHC32.5 million. We signed documents as we did in the case of setting up MC Management Service but unfortunately Essien did not give me a copy although I pressed for a copy of the document.

I have proof that I requested for the documents severally. Essien’s Personal Assistant run copies of the signed documents.”

According to Dr Nettey, the signing of the agreement took place in the office of Essien at Dansoman in Accra.

He indicated that the shareholders of Sovereign bank were wealthy people in society.

“I met with some of the shareholders severally. My Lord the shareholders were not men of straw. They signed the Registrar General’s documents and they made me believe that the monies invested in Sovereign Bank belonged to them.”

Dr Nettey, the second accused person in the GHC620 Million Capital Bank scandal, contended that he did not set up MC Management Services because that was the brainchild of Essien, and MC Management was a Special Purpose Vehicle (SPV).

According to him in business, it was normal for SPV’s to be set up.

The second accused person told the High Court that he was a co-signatory, whiles one Felix Koranteng Asante, was a Principal signatory to the accounts of MC Management Services.

Dr Nettey denied that he was the Executive Director of Sovereign Bank.

According to him, he was made to believe he was the Executive Director of Sovereign bank, adding that, “I acted for a brief period as the Executive Director.”

When a letter of engagement dated July 28, 2015, was shown to Dr Nettey, he said “this document is foreign to me.”

The accused debunked the assertion of prosecution that he, in November 2015, signed a commercial paper for and on behalf of MC Management service.

“This is the first time I am hearing this. As a business promoter, I promote businesses, raising of funds and signing of documents were not part of my business promotions.

He told the court that the commercial papers and letter shown to him in respect of the trial were not created by him because his name was spelt wrongly and there were some differences in the Post office box numbers.

He denied signing some of the letters allegedly sent to the Security Exchanges Commission.

According to him the letter heads were not artistic, and the box number is different adding “my style of writing letters is to quite different from the one tendered in evidence.”

Dr Nettey is standing trial with William Ato Essien, former Chief Executive Officer of defunct Capital bank and Rev. Fitzgerald Odonkor, the former Managing Director of Capital bank.

They are being held for allegedly conniving and stealing GHC620 liquidity support offered by Bank of Ghana to defunct Capital Bank to resuscitate itself.

The accused persons have denied the various charges and are on bail.

The matter has been adjourned to April 7, and it is expected that Rev. Odonkor will open his defence.

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