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The Accra High Court has imposed a 15-year jail term on the founder of defunct Capital Bank, William Ato Essien, for stealing over GH₵90 million belonging to the bank. Essien, who was convicted in December last year for stealing over GH₵90 million belonging to Capital Bank, avoided a custodial sentence after the court accepted an agreement between him and the Attorney-General (A-G) for him (Essien) to pay the GH₵90 million as restitution to the state. In a ruling this afternoon, the court, presided over by Justice Eric Kyei Baffour, held that Essien has failed to pay the restitution to the state per the agreed terms with the A-G.

Convicted William Ato Essien, the founder of the defunct Capital Bank has been given at least up to July 27 to redeem his first installment of GH¢20 million to the State. It has emerged in Court on Tuesday, July 4, that Mr Ato Essien has so far paid GH¢8 million of the GH¢20 million leaving an outstanding balance of GH¢12 million. Essien last year entered into an agreement with the state under section 35 of the Courts Act and was asked to pay GH¢60 million in three installments of GH¢20 million to the state. But, records available since the deadline of the first installment on April 28, he has only paid GH¢8 million as at today July 4. Before Justice Erich Kyei Baffour, a Justice of the Court of Appeal, sitting as an additional High Court judge, his lawyers represented by Baffour Gyau Bonsu Ashia request more time. The Prosecution led by Deputy Attorney General Alfred Tuah Yeboah wondered how much more time he desired to pay despite not meeting the deadline. Justice Kyei Baffour after listening to the parties urged Ato Essien to settle at least the balance of the outstanding GH¢12 million by July 27, 2023. The court said it will apply the sanctions should he fail to do so. “The convict (Ato Essien) has only made GH¢2 million payment since the last adjournment leaving an amount of GH¢12 million that should have been redeemed at least by today (July 4), 2023. “Based on the pleas of his counsel, I once again reluctantly give the convict one more opportunity to make payment. “I will adjourn to July 27, 2023, for the amount of GH¢12 million to be paid by the convict,” Justice Eric Kyei Baffour stated. According to EIB network’s Legal Affairs Correspondent, Murtala Inusah, the court turned a request from his counsel to move a Viva Voce argument to his passport which is in the custody of the court to be released in other for him to embark on a business venture to mobilize funds.

William Ato Essien, the founder of the defunct Capital Bank, who was standing trial for stealing GH¢192.5 million of depositors’ funds, has avoided a custodial sentence.  Essien avoided prison today (December 13, 2022) after the court, presided over by Justice Eric Kyei Baffour, accepted an agreement between him (Essien) and the prosecution for Essien to pay GH¢90 million as restitution to the the state. As part of the agreement, Essien pleaded guilty to 16 counts of stealing and money laundering and was accordingly convicted. Reports indicate that the other accused persons – Fitzgerald Odonkor – a former MD of Capital Bank and Tettey Nettey, the CEO of a company said to be controlled by Essien, were acquitted and discharged after they were found not guilty. As part of the agreement, Essien who pleaded guilty to stealing GH¢192.5million of depositors’ funds, has already paid GH¢30m to the state and will pay the remaining GH¢60m in GH¢20m in three instalments by the close of 2023. The presiding judge accepted the agreement pursuant to Section 35 of the Courts Act, 1993 (Act 459), which allows accused persons standing trial for causing financial loss to the state to pay the money and possibly avoid a custodial sentence. Consequences Per the orders of the court, in the event, Essien defaults in paying the money by the exact timelines (first on April 28, 2023, second on August 31 and last on December 15, 2023) he will be sentenced to prison. Justice Kyei Baffour also ordered that by virtue of pleading guilty, Essien cannot be appointed as a director of any bank or any financial institution pursuant to the Banking and Specialised Deposit-Taking Institutions Act , 2016 (Act 930). The judge also ordered the Registrar of the court to seize the passport of Essien until the convict finished paying the money. Justice Kyei Baffour who initially rejected the agreement, accepted it today after it was explained to him that the state had already recovered GH¢101.2m of the GH¢192.5m with the remaining amount being GH¢92.5m Also, it came out that an amount of GH¢35m was repeated twice on the charge sheet, meaning Essien actually has GH¢57.5m to pay , meaning the GH¢90m being paid by him was in excess of GH¢32m, which will be interest on the amount to the state. Justice Kyei Baffour accepted the agreement after listening to submissions from a Deputy Attorney -General , Alfred Tuah Yeboah and lawyer for Essien , Thaddeus Sory.