Tag: capital bank
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We wanted BoG to waive interest on GHS610m liquidity support — Ato Essien
Founder of defunct Capital Bank William Ato Essien has complained about the Bank of Ghana’s high handedness in dealing with the bank’s troubles leading to eventual revocation of their license in 2017. Mr. Essien commenting on circumstances leading to the bank losing its license 2 years ago said the bank was in distress when it…
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Insolvency does not mean much — Ato Essien, founder of defunct Capital Bank
The founder of defunct Capital Bank, William Ato Essien has opened up on the revocation of the bank’s license in 2017 by the Bank of Ghana. Mr. Essien speaking on Good Evening Ghana programme on Accra-based Metro TV said although the central bank adjudged his bank as insolvent, it would have been able to turn…
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UT, Capital bank debtors given 3 month ultimatum to clear debts
Loan defaulters of defunct UT and Capital banks have till the end of March this year – 2019 to redeem their indebtedness to the banks. A newspaper publication lists ninety-one (91) companies and individuals who owe the two banks. The development comes at a time where some recoveries have been made which is being used…
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Ex UT, Capital bank workers to receive exit pay this week?
Former workers of Capital and UT banks are likely to receive their severance packages later this week if the Joint Receivers complete the processes on the modalities for payment. The representatives of the workers, that is, the Union of Industry, Commerce and Finance workers (UNICOF) are to meet the Joint Receivers for the payment plan. This…
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Capital, UT Bank collapse: PwC recovers 15% of total loan stock
The Joint Receivers of collapsed UT and Capital banks, PricewaterhouseCoopers (PwC), has disclosed that it has recovered fifteen percent (15%) of the total loan stock of the two banks. A statement on the progress of work done over the last one year said that the receivers are pursuing legal action against defaulters of loans of the…
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![One year on; Receiver still pursuing UT, Capital cash [Audio]](https://citibusinessnews.com/wp-content/uploads/2018/04/Vish-Ashiagbor-2-1.jpeg)
One year on; Receiver still pursuing UT, Capital cash [Audio]
Interested parties to benefit from proceeds of the disposal of assets and liquidation of same of defunct UT and Capital banks may have to wait a little longer. This is because the Joint Receiver for the defunct UT and Capital banks, Pricewaterhouse Coopers has stressed that the processes, majority of which are legal, could take…
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Capital bank collapse: Ato Essien, two others owed GH¢79.9m
An internal report on the erstwhile Capital bank has shown that the bank’s founder, William Ato Essien and two others, were indebted to the bank to the tune of 79.9 million cedis (GH¢79,937,812) as at the time the bank collapsed. This represented about 60 percent of the total Third Party Funds. The report mentioned William…
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Leaked UT, Capital bank report independent of investigations – PwC
The Joint Receivers of defunct UT and Capital banks, PricewaterhouseCoopers (PwC), has ruled out any impact of disclosures on questionable dealings by the former directors and shareholders, on its investigations. Documents sighted by Citi Business News have showed that the former shareholders of the two banks, engaged in related party transactions among other unapproved activities…
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Banks collapse: BoG failed in supervision – Economist
Economist, Prof. Godfred Bokpin has said that, the Bank of Ghana (BoG) is to blame for the woes of banks in the country. Ghana is currently experiencing a period of banks’ struggles with many analysts calling for pragmatic measures to address the issue. Speaking on Eyewitness News on Wednesday, Prof. Bokpin indicated that, the BoG…
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Ex Capital bank workers lament locked up providence funds
Former workers of defunct Capital bank are livid over what they say is the calculated attempt by their fund managers not to pay their providence funds. The disclosure comes despite the approval by the receiver of the joint purchase and assumption of UT and Capital banks, PricewaterhouseCoopers (PwC), for payment of such funds to the…