Capital Bank trial: Reroy Cables MD acquitted and discharged

Capital Bank trial: Reroy Cables MD acquitted and discharged

An Accra High Court hearing the case of Ato Essien and three others over the collapse of Capital Bank has acquitted and discharged Kate Quartey-Papafio, Managing Director of Reroy Cables Limited.

“A prima facie case has not been established against her. Rather she acted childish in the deal and the law does not punish the fool but the one with evil intention,” the trial Judge said.

This was after the court, presided over by Justice Eric Kyei – Baffour, a Justice of the Court of Appeal, sitting with additional responsibility as a High Court judge, upheld a submission of no case by her lawyers.

Madam Kate, together with William Ato Essien, Founder of the defunct bank, Fitzgerald Odonkor, the Managing Director of the bank, Tettey Nettey, the Managing Director of MC Management Services, a company said to be owned by Essien, are in court for conniving and stealing GHS620 million of liquidity support given to the Capital Bank by the Bank of Ghana.

The court in its ruling, on Thursday morning after submissions of no case by counsels for the accused persons, held that the prosecution failed to establish any prima facie case against Madam Kate, to warrant her to open her defence.

He said there was no evidence that showed that the businesswoman intended or acted in any way to steal money from Capital Bank.

Justice Kyei- Baffour said Madam Kate only acted as a trustee for another person who wanted to purchase shares from the bank but had no knowledge that the said money was part of the liquidity support, adding that the said money of GhS70million was still in the custody of the Consolidated Bank and had not been appropriated or stolen by her.

She was subsequently discharged and acquitted by the court.

Justice Kyei-Baffour, however, ruled that the prosecution was able to establish a prima facie case against the other three accused persons and ordered them to open their defence.

The case was then adjourned to July 22, for the three to open their defence.

The four accused, who are standing trial over the collapse of Capital Bank were said to have engaged in various illegal acts that led to the dissipation of the over GH¢620 million liquidity support given to Capital Bank by the Bank of Ghana between June 2015 and November 2016.The accused who have been charged with stealing, abetment to stealing, conspiracy to steal and money laundering have pleaded not guilty to […]

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