Capital Bank Trial: 3rd accused denies signing letter engaging All Time Capital

While being cross-examined by Chief State Attorney, Evelyn Keelson, on Thursday, March 31, he stated that the documents were fake and that he did not draft them.

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The 3rd accused person in the ongoing Capital Bank trial, Dr Tetteh Nettey has denied signing a letter of engagement with All Time Capital Limited, arrangers for Capital bank and MC management services. 

While being cross-examined by Chief State Attorney, Evelyn Keelson, on Thursday, March 31, he stated that the documents were fake and that he did not draft them.

 “My Lord, this document is foreign to me. The fact is MC management in one breath is said by the prosecution to have an address of P. O. Box 17308; in another breath is P. O. Box L1, Larterbiokorshie. This document states that the date on it is July 28 2015. The incorporation of MC management my Lord commenced on the 6th and 7th of October,” he responded when the question was put to him.

He also told the court he held shares in trust for the first accused, Ato Essien, to the tune of GH¢32.5 million, but never had copies of signed documents when he requested for them.

The presiding Judge, Justice Eric Kyei Baffuor however had some questions for the accused.

“You did say that you held the shares in Sovereign Bank as a Trustee for A1 and that you signed some agreement and you were not given the papers.

You don’t think this was material enough that when he was in the box, you should have confronted him. Because as matters stand, don’t you think it will be your word against it?” Justice Eric Kyei Baffuor quizzed.

“I have proof that I asked for it severally. I signed it in his office. His personal assistant at the time was Prince Aggrey, and he gave them to him to run copies, and I did not see them again.”

The case has been adjourned to April 7, 2022 and it's expected that former Managing Director of the bank, Rev. Fitzgerald Odonkor will open his defence.


Capital Bank was one of the first banks to fold up during the start of the financial sector clean-up by the Bank of Ghana in 2017. 

State Prosecutors have accused the Founder of the bank, William Ato Essien, of causing the insolvency of the bank by stealing about GH¢200 million of a GH¢620 million liquidity support given to the bank by the Bank of Ghana (BoG).

Aided by Fitzgerald Odonkor , Ato Essien is alleged to have transferred an amount of GH¢120 million of the liquidity support to All Time Capital Limited, an investment management and advisory firm.

Dr. Nettey is also being accused of assisting the two officials of the collapsed bank to dishonestly withdraw GH¢130 million of the bank’s funds to set up Sovereign Bank.

Ato Essien was originally charged with eight counts of stealing, eight counts of money laundering, and three counts of conspiracy to steal, making it a total of 19 counts.

But, Ato Essien who was also accused of same offences with Kate Quartey-Papafio was also acquitted and discharged on three counts of the charges, which means they are left with 16 counts against him.

Tetteh Nettey, who was the MD of Management Services faces two counts of stealing, two counts of money laundering and two counts of conspiracy to steal, making his a total of 6 counts.

Managing Director of the Bank, Fitzgerald Odonkor, on the other hand, is charged with seven counts of abetment of crime, namely stealing.

The state estimates that the accused persons have misappropriated GHC 262,500,000.00.