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
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.
Pastor Mensa Otabil.
14th August, 2018.