The Founder and CEO of the defunct Capital Bank, William Ato Essien has today been sentence to 15 years in jail by an Accra High Court for stealing over GH₵90 million belonging to the bank.
Essien was convicted in December last year for stealing GH₵620 million belonging to Capital Bank, but he avoided a custodial sentence after the court accepted a deal between him and the Attorney-General (A-G) for him (Essien) to pay the GH₵90 million as restitution to the state.
The agreement was 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 going to jail.
Essien paid GH₵30 million of the amount on December 1, 2022, and per the agreement, as adopted by the court, he was ordered to pay the remaining GH₵60 million in three instalments with the first instalment on or before April 28, 2023, the second on or before August 31, 2023, and the last instalment on or before December 15, 2023.
In its ruling, the court, presided over by Justice Eric Kyei Baffour, held that Essien has failed to meet his obligations to the state per the agreed terms with the A-G.
Justice Kyei Baffour said as of today, Essien had paid only GH₵7 million out of a possible GH¢40 million, missing the deadlines for April 28 and August 31 this year, bringing the total paid to GH₵37 million of the GH₵90 million agreed on.
The Judge however, ruled that Essien could regain his freedom if he paid the outstanding sum of GH₵53 million, which is what is left for him to pay to the state as reparation and restitution.
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