Some banks in Ghana took loans from Ghana Commercial Bank but couldn’t pay as promised hence making Ghana Commercial Bank collapse such banks and Capital Bank happens to be one of its victims.
Pastor Mensa Otabil, the founder of the International Central Gospel Church who was the chairman of the bank was said to have embezzled some funds of the bank.
It was so unclear as to whether this allegation is true or not but information gathered indicates that Dr Mensa Otabil together with some 13 shareholders borrowed money from the bank and just a summation of nine of them is about GHC 450 million.
Pastor Otabil, ICGC and 13 other shareholders of the defunct Capital Bank have been dragged to court for their roles in the collapse of the bank.
Dr Otabil has always said these claims are untrue and he has debunked the suit as someone expressing their opinions. He is confident that the court will rule in his favour.