Managing Editor of the Insight newspaper, Kwesi Pratt, has expressed utter surprise at Pastor Mensa Otabil’s claim that he was not directly "involved in the day-to-day management and operations" of the defunct Capital bank.
Capital Bank, along with UT Bank, collapsed in August last year due to liquidity challenges and all their assets taken over by state-owned GCB Bank.
Capital Bank received GHc610 million from the Bank of Ghana to cure its liquidity struggles and the funds were allegedly mismanaged, leading to its collapse.
Dr Otabil who was the board chairman of the defunct bank was cited in the financial malfeasance that led to the mismanagement of some 610 million-cedi financial support given the bank by the Bank of Ghana.
Since the autopsy report on the collapse of the bank went viral last week, the renowned man of God has been at the receiving end of public opprobrium by many on social media over how he superintended over the collapse of the indigenious bank.
However, in a statement issued on Tuesday, 14th August, 2018, the leader and founder of the International Central Gospel Church (ICGC) said his “position was a non-executive role. I was therefore not involved in the day-to-day management and operations of the Bank”.
Commenting on the issue during Peace FM's morning show ‘Kokrokoo’ Tuesday, the seasoned journalist was amazed that Pastor Otabil is claiming "innocence of the whole Capital Bank brouhaha".
“I am surprised he is saying he was a non-executive board chairman and that he was not involved in the day to day decisions. Per my sources, every decision was made with the knowledge of everybody… but at the end of the day, the truth will be established,” Kwesi Pratt opined.
PRESS RELEASE FROM PASTOR MENSA OTABIL
RE: CAPITAL BANK AND RELATED MATTERS
Greetings!
1. I have observed with concern, the ongoing media discussions regarding developments in the Banking Sector and my role either directly or indirectly.
2. I accepted to be Board Chairman of Capital Bank in a bid to help strengthen a promising Ghanaian enterprise that had potential but also challenges. I was excited about the prospects of a young man from a disadvantaged background who was daring to create opportunities and employment.
3. My position was a non-executive role. I was therefore not involved in the day-to-day management and operations of the Bank.
4. In the course of time, some decisions made turned out well while some did not turn out as well as had been anticipated. As far as I can tell, everything was done with the best of intentions and the interest of various stakeholders in mind.
5. My foremost concern, as has been the case over the past year, is for the well-being of those who lost their jobs and those who may have been adversely affected in any way as a result of these developments.
My heart goes out to them and to their dependents. I continue to pray for God’s guidance and sustenance as they navigate the course of their lives.
6. Since the takeover of the bank exactly a year ago today, various mandated state institutions have been investigating and working to arrive at a comprehensive understanding of what happened, why it happened and who was responsible for what. I have been invited by EOCO and I have submitted myself to their processes and answered all their questions faithfully.
7. For some time now, many discussion platforms have made varied references to me and to my perceived role. Some have reached out to me for clarifications regarding issues that have been raised. I have preferred not to respond in the public domain, not as an admission of guilt, but out of respect for the due process and the ongoing investigations.
8. Notwithstanding some unforeseen outcomes, I remain resolute in my belief in the Ghanaian and African entrepreneurial spirit. I will therefore continue to lend my support and mentorship to inspire others who dare to dream and work towards the promise of Africa’s growth and transformation.
9. Meanwhile, as a believer in the rule of law, I will continue to cooperate with the mandated institutions of state as they complete their investigations.
I am confident that in the process, the national interest and the rights of all parties involved will be protected.
Shalom, peace and life to you.
Signed,
Pastor Mensa Otabil.
14th August, 2018.
Source: Rebecca Addo Tetteh/Peacefmonline.com
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Akwasi is right Non what so he was not informed about the state of the Bank and was he attending meetings where are the Boards minutes he should come again.
When a board chairman of a collapsed bank says he should not be held responsible.... I begin to scratch my sakora designer head... 😂😂. For starters a company is owned by shareholders... Who in turn elect the board members, led by the board chairman (with his casting vote in case of a tie at board meetings). The board is tasked with the actual control and strategic direction of the company (Bank). The board then appoints the members of the executive management led by the CEO, the CFO and COO. The executive management members including the CEO, CFO and the COO are the executive directors. The board can fire the CEO and his management team. The executive management team, acts on a day to day basis at the behest of the board. In corporate governance the board of directors are the guys. In insolvency, there is no distinction between, directors - whether independent/external, executive or non executive. When a company is declared to be Insolvent, no director can claim they are not responsible. Even "shadow directors"are brought to account. Pastor Otabil was the board chairman and a shareholder (personally through Otabil and Associates and as representative of ICGC and central University). In corporate governance and financial regulation-speak, he is a "person with significant control". As per the laws of Ghana, nobody has been arraigned before court yet, even if they were put before court, every accused is innocent until proven guilty. However, systematic failings, coupled with weak systems and lack of oversight cannot be ignored. Directors of companies also owe fiduciary responsibilities to shareholders, and to the company's that employ them. We cannot keep kicking the can down the road, and not accept our failings, as human as we are.
He used the money for this private University. So if he is found guilty his Central University should be seized from him immediately and let him know that power pass power. It is not by joining business class airplane for no reeason.
I'm shock in disbelief that Pastor will make a such a statement to distance himself from this mess. Was there any audit report at the time and what were the audit committee recommendations? I expected Pastor to accept full responsibility of this mess regardless of his indirect role. You presided over doom and you will be held accountable as such.
All pastors who have been made board chairmen, board members and directors and are enjoying the big, big titles. flee now before you are caught in a web.
I JUST LAUGH WHEN PEOPLE TRY TO DELVE INTO AREAS THEY HAVE NO KNOWLEGDE ABOUT. IN AFRICA NON-EXECUYIVE BOARD MEMBERS ARE USUALLY PEOPLE WHO TAKE DECISIONS FOR THE COMPANY AND DO NOT TAKE SALARY AS SUCH IN TERMS OF EMPLOYEES TAKING SALARY. YET THEIR DECISIONS AS NON-EXECUTIVE DIRECTORS AFFECT THE DAY TO DAY PERFORMANCE OF THE COMPANY. TALKING ABOUT BANKS, I REMEMBER ONE CEO (CHIEF EXECUTIVE OFFICER) ALSO CALLED MD (MANAGING DIRECTOR), MRS MATILDA OBENG ANSONG OF GCB WAS SACKED BY THE BOARD CHAIRMAN THEN FOR GIVING OUT AN OVERDRAFT FACILITY TO ONE MR GOOZZY TANDOH WITHOUT THE BOARDS APPROVAL. THIS EXPLAINS THE LEVEL AUTHORITY THE NON-EXECUTIVE BOARD CHAIRMAN HAD OVER THE EXECUTIVE BOARD MEMBER WHO WAS THE CEO OF GCB. MR. OTABIL CAN NOT ABSORB HIMSELF OF ANY LIABILITY AND COMPLECENCY OF THE COLLAPSE OF CAPITAL BANK. HE MUST FACE THE LAW LIKE ANY OTHE BOARD MEMBER OF THE OTHR DEFUNCT BANKS.
otabil must be dismiss and charge for not been responsible, as a chairman ,what was he chairing , this is a disgrace, this goes to tell that he is not competent, gh pp
Please all Non-Executive Board Members like Pas. Otabil, and non-member of Group Subsidiary Companies like Prof. Adei at BEIGE BANK should resign with immediate effect, of face jail for any financial malfeasance that occurs under their watch. Now to Pas. Mensah Otabil and Prof. Stephen Adei, no further comment. What you have said is judgement enough, and my advice is, just keep quiet. Another scandal will soon pop up and cover you. On a more serious nite, so B.O.G gave Capital $150M, UT $200M, BEIGE Bank $100M, ....millions of dollars being dashed free like this, and yet the poor man is paying cut throat prices for fuel, income tax, high utility bills. Pareto was damn right, 80% will work like slaves, for 20% to enjoy.
Otabil need not tell us he was Non executive. It's obvious. He was the Board chairman, so u will be non executive (in the context of corporate governance). But it does not cover u from the corrupt practices u superintendent over, and allegedly engaged in yourselve. It's sad. Men of God(some) want to make money for all their generation unborn in their lifetime. GREED, GREED, GREED.Thats all. This will not please God.
NOW LOOK AT THE WAY PEOPLE ARE ATTACKING KWESI PRATT. BECOURSE THEY ARE PROTECTING OTABIL AND WE KNOW WHERE OTABIL STANDS IN POLITICS. I WONDER IF THIS IS GHANA? IF IT WAS AN NDC PERSON OR PASTOR HELL WILL BREAK LOOSE SINCE ITS OTABIL HE MUST BE TREATED SPECIAL. I CANT UNDERSTAND THIS? HOW MUCH DID WE LOOSE TO WAYOME IS IT NOT 51 AND ITS LIKE THE GUY HAS TAKEN ALL GHANA MONEY. WE ARE TALKING OF 620 MILLION AND THEY SAY WE SHOULD KEEP MUTE GHANA FOR YOU.