Former Director Of Capital Bank Has Been Detained By EOCO For Collapsing The Bank

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The Economic and Organized Crime Office (EOCO) has detained the former Chief Executive Director of the now-defunct Capital Bank, Rev. Fitzgerald Odonkor, over the collapse of the bank.

Information indicates that, Rev. Odonkor was subsequently detained after honouring an invitation by the criminal investigation office.

It is unclear the reason for his detention, but Rev. Odonkor and two other directors of the bank, Pastor Mensah Otabil, and  William Ato Essien, were all invited to answer questions for their roles in the bank’s collapse.

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The Bank of Ghana in August 2017, revoked the licences of UT and Capital Banks. The two banks were subsequently handed over to GCB Bank.

The liabilities of the two banks, according to the central bank, overwhelmed their assets, leaving the BoG with no option but to undertake a purchase and assumption transaction, as the least costly method of dealing with a collapse.