The Accra High Court has sentenced the former Chief Executive Officer of the defunct Capital Bank, William Ato Essien, to 15 years of imprisonment with hard labor.
This sentence comes after Essien failed to comply with the court’s directive to pay GHS90 million to the state.
You may recall that, Essien was previously convicted in December last year for embezzling over GHS90 million belonging to Capital Bank.
He had initially avoided a custodial sentence through an agreement reached with the Attorney-General (A-G), which required him to make restitution to the state.
According to the court’s judgment on Thursday, October 12, Essien had paid GH₵30 million of the amount on December 1, 2022, but he was obligated to pay the remaining GH₵60 million in three installments.
The first installment was due on or before April 28, 2023, the second on or before August 31, 2023, and the last installment on or before December 15, 2023, as per the adopted agreement.
However, Justice Kyei Baffour noted that as of today, Essien had only paid GH₵7 million out of a possible GH¢40 million.
He had missed the deadlines for both April 28 and August 31 this year, bringing the total paid to GH₵37 million out of the total GH₵90 million.
Justice Kyei Baffour ruled that Essien could regain his freedom if he paid the outstanding sum of GH₵53 million, which represents the remaining amount owed to the state for reparation and restitution.
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