Reverend Fitzgerald Odonkor, former Managing Director (MD) of Capital Bank, has denied personally approving the payment of business promotion money to William Ato Essien, Ex-Chief Executive officer of the Bank, after securing liquidity support of GH¢620 million from the Bank of Ghana.

Rev. Odonkor made this known when answering questions under cross-examination by Chief State Attorney, Marina Appiah Opare. He was answering questions on the GH¢620 million Capital Bank case which is currently before the High Court in Accra.

According to the former MD, the practice of payment of business promotion sum was a norm in the banking practice until the practice was outlawed in 2019.

The question and answer section and what transpired in court are as follows:

Question: You knew all along that the money (Business promotion) was for the benefit of Essien?

Answer: No, My Lord I deny this emphatically.

Question: You will agree with me that payments of Business Promotions were not part of the conditions for the grant of liquidity support by the Bank of Ghana?

Answer: Payment of Business Promotion was a practice in the banking sector until it was outlawed in 2019.

Question: The Board Chairman denied giving approval for payment of Business promotion to Essien (first accused person) on phone?
Answer: I am not aware of any such denial. Additionally at the various meetings at which references were made to the payments of business promotion in the presence of the Chair, he did not deny such approval.

Question: You said that Capital Bank could not secure the liquidity support from the Bank of Ghana. So, Essien (first accused) arranged for the bank?

Answer: Yes, my Lord.

Question: Capital Bank wrote three different letters to the Bank of Ghana applying for liquidity support. Is that correct?

Answer: Yes, my Lord

Question: When you applied for the liquidity support, your expectation was that Band of Ghana will favourably grant your request?

Answer: Yes, my Lord.

Question: I am putting it to you that the first accused (Essien) did not arrange for the liquidity support?

Answer: No, My Lord. Essien was the one who arranged for the support, and he advised management to put in the request.

Question: In your evidence in chief, you said there was a sub-committee that met regularly to deliberate on the activities of the bank.

Answer: Yes, my Lord

Question: This sub-committee was not part of the management of the bank?

Answer: The sub-committee represented the interest of the board and management.

Question: The decision to pay business promotion to Essien was approved by Capital Bank at its meetings?

Answer: Yes, my Lord.

Question: I am putting it to you that there were no board meetings approving the payment of Business promotion to Essien.

Answer: No my Lord. The Board approved all those payments.

Mr. Essien (A1), Tetteh Nettey (2nd) and Fitzgerald Odonkor (3rd) were charged with 23 counts including: stealing and money laundering. They have been accused of misappropriating some GH¢130m of the GH¢650m given to the bank.