The Chief Executive Officer of Reroy Cables Limited, Kate Quartey-Papafio, has been acquitted and discharged by the Commercial Court 7 Division of the High Court in Accra, Republic of Ghana.
The businesswoman, together with the Managing Director of the defunct Capital Bank William Ato Essien, Tettey Nertey and Fitzgerald Odonkor, was charged with conspiracy to steal, stealing and laundering of stolen money in the case involving the collapse of Capital Bank.
According to report by Citinewsroom.com, Justice Eric Kyei Baffour, who presided over the case in a ruling on a submission of no case on Thursday, July 8, 2021, described the accused person’s role in the events leading up to the collapse of Capital Bank as childish rather than criminal.
The judge reportedly said as a businesswoman, she did not exercise her business acumen in relation to her dealings.
That notwithstanding, the court observed that the law only recognised a person who acts in bad faith.
Consequently, the court ruled that the Republic had not made a sufficient case to warrant it to invite the businesswoman to answer questions.
Kate Quartey-Papafio was accordingly acquitted and discharged.