The Accra High Court sentenced William Ato Essien, the founder of Capital Bank, to 15 years in prison for taking more than GH₵90 million that belonged to the bank.
Last December, Essien, who was found guilty of taking over GH₵90 million from Capital Bank, didn’t go to jail. Instead, there was an agreement between him and the Attorney-General (A-G) for him to give back the GH₵90 million to the state.
However, the court, led by Justice Eric Kyei Baffour, ruled today that Essien didn’t follow through on this agreement with the A-G.
Essien Prepares with GH¢4m Payment Before Sentencing Hearing
Essien agreed to a deal under a law called Section 35 of the Courts Act, 1993 (Act 459). This allows people accused of causing financial loss to the state to pay back the money and maybe not go to jail.
On December 1, 2022, Essien paid GH₵30 million. According to the court’s plan, he was supposed to pay the remaining GH₵60 million in three parts: the first by April 28, 2023, the second by August 31, 2023, and the last by December 15, 2023.
But, Justice Kyei Baffour mentioned today that Essien has only paid GH₵7 million out of a possible GH₵40 million. This means he missed the deadlines for April 28 and August 31 this year. So far, he’s paid GH₵37 million of the total GH₵90 million.
Justice Kyei Baffour stated that if Essien pays the remaining GH₵53 million, he could be released from custody. This is the amount he still owes the state for reparation and restitution.