Reverend Fitz Odonkor detained by EOCO over Capital Bank collapse

10 April 2018 at 15:45

Rev Odonkor was detained after he honoured an invitation by the Criminal Investigation Department (CID) to appear before them for further investigation over the collapse of the bank.

M
Magdalene Teiko Larnyoh

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

Rev. Odonkor and two other directors of the bank, Pastor Mensah Otabil, Founder of the International Central Gospel Church, ICGC, and William Ato Essien, were all invited to answer questions for their roles in the bank’s collapse.

In August 2017, the Bank of Ghana oversaw the takeover of UT and Capital Banks by GCB Bank in a purchase and assumption agreement.

This was because the 2 banks faced serious liquidity challenges at the time which affected the continuous existence and the financial industry altogether.

Subsequently, the GCB Bank has collapsed at least thirty-one (31) branches of the defunct UT and Capital banks.

This was after the GCB Bank completed the full integration of the systems of the 2 banks.

A statement issued indicated that the closing down of some of the defunct branches brings the total number of GCB Bank’s branches to 183.

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M
Magdalene Teiko Larnyoh