The GHS90 million deal William Ato Essien is trying to secure for his freedom in the GHS620 million theft case, include GHS32.5 million reparation, restitution and interest, Newscenta has reported, citing documents covering the case.
Former Chief Executive Officer (CEO) of the defunct Capital Bank William Ato Essien was reported to have agreed to plead guilty to stealing and misapplying GHS620 million liquidity support from the Bank of Ghana, and pay only GHS90 million for his freedom.
There has since been a huge public uproar about why the prosecution would allow him to walk free after paying only GHS90 million out of the GHS620 million he allegedly stole.
The judge hearing the case, Justice Eric Kyei Baffour, even registered his protest to the deal, saying it would encourage stealing or state funds. He then insisted on the culprits paying interest on the said amount.
But Newscenta reports that the GHS90 million actually comprise of GHS57.5 million principal amount and GH₵32.5 million reparation, restitution and interest on the principal.
Details of the GH₵57.5 million
The GH₵57.5 million consists of GH₵27.5 million allocated to business promotion, GH₵30 million which prosecution said could not be accounted for.
Essien is standing trial with Rev. Fitzgerald Odonkor, a former Managing Director (MD) of Capital bank and Tettey Nettey, MD of MC Management Services, a company allegedly owned by Essien.
GH₵620m BoG liquidity support
The accused persons were said to have misappropriated GH₵620 million liquidity support offered by the Bank of Ghana (BoG) to Capital Bank.
BoG and the Receiver are said to have recovered a large chunk of the money with GH₵57.5 million being the outstanding amount yet to be recovered.
After three years of trial the Attorney General’s Department agreed settlement in which Essien who took advantage of Section 35 of Act 459 of the Courts Act, which relates to restitution and reparation is to pay GH₵32.5 million as reparation, restitution and interest to bring the total amount to be paid to GH₵90 million.
Essien proposed to pay GH₵21 million before November 12, 2022.
The remaining GH₵69 million is to be paid in three equal instalments half yearly from the date of first payment.
As of today, the former CEO of Capital Bank is said to have paid GH₵30 million with a balance of GH₵60 million to be paid in three equal instalments half yearly from the date of first payment.
Per court documents dated November 4, 2021, Lawyers for Essien informed the court that they have submitted proposals to the Attorney-Genral’s Department, which was rejected.
However, the Attorney General’s Department presented a counter proposal which Essien and his lawyers received in June 2020.
According to the Attorney General’s Department, Essien and his lawyers accepted the proposal 100% which paved way for negotiations.
Details of court documents dated November 4, 2021, Justice Eric Kyei Baffour, a Court of Appeal Judge sitting with additional responsibility as a High Court Judge noted an attempt by Essien to take advantage of Section 35 of Act 459 of the Courts Act, which relates to restitution and reparation.
Per the documents, the judge added that the Court has no hesitation at all in granting the prayer for more time for the parties to continue their negotiations.
In spite of this approval, Justice Baffour who was expected to deliver its judgement on Thursday December 1, 2022 adjourned judgement to December 13, saying Registrar of the Court had drawn his attention to the terms of settlement between Essien and the Republic.
The trial Judge, therefore asked the state and Essien’s lawyers to address him properly on the terms of the settlement before December 13.
