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Nordea Capital dissociates itself from failed bank CEO

The investment firm, Nordea Capital Ltd has denied any links with William Ato Essien, founder of Capital Bank which collapsed in August 2017. In a press release issued by the company’s attorneys, the management of the company say Ato Essien has no stake direct or indirect in the investment firm. Capital bank with 610m cedis from the central bank to cure its liquidity struggles allegedly mismanaged the funds leading to its collapse.

Although Nordea was cited in the report detailing the events leading to the collapse, the investment firm only arranged to get 65m of the bail-out money to be put into MC Management Services and Breitling Services. This money was not an investment into Nordea Capital, the exclusive report indicated and has been confirmed by the press statement.

Mr Ato Essien who founded Capital bank has been accused of using 80m cedis of depositors and public funds for his personal piggy bank. He “flouted all banking and risk management rules” in the management of monies saved there by its customers.

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