Produce bank statement of Capital Bank – Court orders BoG

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Dr Ernest Addison, Governor, Bank of Ghana

The Commercial High Court hearing the case of the Republic versus William Ato Essien and two others, has ordered the governor of the Bank of Ghana (BoG), Dr Ernest Addison, to produce the statement of accounts of Capital Bank (now in receivership), from June 2015 to August 2017, to the court.

Justice Eric Kyei Baffour made the order following an application by lawyer for William Ato Essien (first accused), Baffour Gyau Ashia Bonsu, requesting of the court for same.

It is not clear what the defence lawyer intends to do with the statement of account, but Justice Baffour’s court ruled that BoG should comply with the request.

The court further ordered that the governor of the central bank should cause an officer of the bank to appear in court on the next adjourned date, 10 March 2022, to tender the statement as requested.

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“I accede to the request of learned counsel for the first accused and order the registrar of the Court to seal a subpoena directed at the Governor of Bank of Ghana, who shall direct the appropriate department of the Bank of Ghana, that is in charge of the statement of account of commercial banks to produce the bank statements of capital bank (now in receivership) from June 2015 to August 2017,” Justice Kyei Baffour ruled.

“An official of the Bank of Ghana is to appear in court on the 10 March 2022, at 11am to tender the statement of account before the court,” the court further ordered.

In court
In court today, 3 March 2022, the first accused person called his first witness, Dr. Isaac Nyame.

He indicated in Court that he is a chartered accountant, fellow of the association of chartered certified accountants and also a fellow of the chartered institute of taxation.

Cross-examination
Anastacia Karimu, Assistant State Attorney, after Mr Nyame tendered and read his witness statement in open Court, cross examined him based on his evidence.

Among others, Anastacia Karimu, put it to the witness whether or not he was “aware that all the monies used in acquiring shares in sovereign bank was taken from Capital bank” by the first accused person?

A. Mr Nyame answered saying “yes, I am aware”.

Question: In preparing your report, you did not have access to all the financial records of sovereign bank, is that not so?

Answer: That is not correct.

Question: “I am putting it to you that the documents given to you by counsel for the first accused person does not constitute the entire financial records of sovereign bank”.

Answer: “My Lord, financial records will include not only audited or unaudited financial statements”.

“There are several records which we refer to as underlying records to the financial statements. The underlying records are supposed to be the source documents for the preparation of the financial records”.

“Those documents were not made available to me by lawyers of the first accused”.

“However, the financial statements themselves were made available by the solicitors of the first accused and therefore the information I required for my work was not to review the entire financial record but to review the financial statement that will enable me get comfortable that the information I required was sufficient and appropriate for my work”.

In her concluding Question, the Assistant State Attorney asjed as follows, “I am putting it to you that the 130 million invested into sovereign bank by the shareholders is still not sitting in the books of consolidated bank Ghana”.

Answer: “I disagree”.

Question: am finally putting it to you that your report is not reliable”.

Answer:”My Lord, I disagree”.

Next hearing

The Court following the completion of cross examination of the witness, Mr Isaac Nyame, thanked him for his evidence and discharged him as a witness. Sitting is expected to continue on the 10 March 2022.

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