IFS Capital Management has said the money it received from Capital Bank was in service of existing debts.
Capital Bank transferred GHs23.9 million of support money from the Bank of Ghana to IFS.
This was noted as misuse of funds in an investigative report sighted by Citi News.
Among the flagged transactions were GHc 27.5 million used for business promotion and handled by a board member; transfers to IFS amounting to GHc 23.9 million, transfers to Nordea Capital amounting to GHc 65 million, and transfers to AllTime Capital amounting to GHc 130 million.
Read: How Capital Bank put BoG in their pocket to get a licence without cash
â€œWe have noticed excerpts making the rounds on radio and social medical regarding payments amounting to GHs23.9 million made by the defunct Capital Bank Limited to IFS Capital Management Limited from the liquidity support from Bank of Ghana (BoG) to Capital Bank Limited.â€
â€œIt appears that this is being misconstrued by sections of the media as an illegitimate payment,â€ IFS said in a statement.
The money was only paid to IFS after an appeal to the BoG.
â€œThis payment was made to us following a petition we submitted to the Financial Stability Department of the Bank of Ghana on 12th May 2015 and the subsequent intervention of the Regulator,â€ IFS noted in the statement.
The rot within capital back has been brought to the fore by the investigative report.
Read: How BoGâ€™s weak supervision resulted in Capital, UT Banksâ€™ collapse
Among other things, it noted that there may be an instance of fraud in the suspected misuse of liquidity support given Capital Bank.
The report noted that the then-Capital Bank CEO, Rev. Fitzgerald Odonkor may have had his signature forged in the authorization of certain deals related to the GHc 610 million liquidity support to the doomed bank.
Some of that money was presented as capital to set up another collapsed bank, Sovereign Bank.
Rev. Odonkor denied having signed or authorized any of the commercial paper transaction arranged by either Alltime Capital or Nordea Capital, according to the report.