Ato Essien files a request for a stay of proceedings

Capital Bank was one of the first banks to collapse after the BoG clean-up of the banking sector

The lawyer for William Ato Essien, founder of the now defunct Capital Bank, Baffour Gyau Bonsu Ashia, has filed a petition with the Commercial Division of the High Court in Accra for a stay of proceedings.

This is the case where three people are on trial for the collapse of Capital Bank Limited.

Baffour Gyau Bonsu Ashia, awaiting a case for Thadeus Sory, told the court that he had filed a motion for a stay of proceedings for the reasons of his actions which he did not indicate in open court.

Appeals court judge sitting as additional High Court judge Judge Eric Kyei Baffour, ruling on the opinion of Ato Essien’s attorney said: this morning and is expected to be moved to July 29 2021, I will adjourn the trial to the said date.

At the last hearing, the court acquitted and acquitted one of the defendants, a businesswoman, Kate Quartey-Papafio, accused of theft and money laundering.

It was after the four initially filed a nonsuit request after the prosecution presented 17 witnesses that they were supposed to open their defense.

According to the court, the evidence presented by the lawsuits against Kate Quartey-Papafio was weak to establish a prima facie case against her.

Now William Ato Essien, Tetteh Nettey and Fitzgerald Odonkor must prove their innocence with the charges against them.

They were charged with playing various roles in the collapse of Capital Bank Limited.

The defendants, who have all been bank executives, have pleaded not guilty to charges, including theft, and are currently out on bail.


Capital Bank was one of the first banks to collapse after a massive cleanup of financial institutions by the Bank of Ghana (BoG) from 2017.

On August 14, 2017, his license and UT Bank were revoked by the BoG after the BoG declared them insolvent.

The BoG authorized the state bank, GCB Bank, to acquire both banks to protect depositors’ funds and keep them afloat.


William Ato Essien was originally charged with eight counts of theft, eight counts of money laundering and three counts of conspiracy to steal, making a total of 19 counts.

But, William Ato Essien, who was also charged with the same offenses with Kate Quartey-Papafio, was also acquitted and acquitted on three counts, meaning they have 16 charges left against him.

Tetteh Nettey faces two counts of theft, two counts of money laundering and two counts of conspiracy to steal, for a total of 6 counts.

Fitzgerald Odonkor, meanwhile, is charged with seven counts of aiding and abetting crime, namely theft.

The state estimates that the defendants embezzled GH ¢ 262,500,000.00.