Monday, December 4, 2023

Founder Of Ghana’s Defunct Capital Bank, Ato Essien Sentenced To 15 Years’ Jail Term

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The founder of Ghana’s defunct Capital Bank, William Ato Essien on Thursday bagged no fewer than 15 years’ jail term.


It was learnt that William was convicted and sentenced by a High Court sitting in Accra, Ghanaian capital city for stealing over GH¢90million of Bank of Ghana’s liquidity support to the now-defunct financial institution.

This was after his inability to fully pay the said amount back to the state after agreeing to do so despite being afforded the opportunity.

READ ALSO: Politicians Always Bring Ghana Must Go Filled With Money To Sound Sultan’s House

He earlier paid ¢30 million upfront in December 2022 and was required to pay ¢20 million as the first installment of the ¢60 million outstanding amount by April 28, 2023.
This was in the criminal case filed against him following the collapse of the bank.
In May, the founder was given up until July 4 to liquidate his assets and pay the state ¢55 million.

READ ALSO: Niger Coup: ECOWAS Military Chiefs To Meet Again In Ghana

The state submitted a request to the court, seeking a custodial sentence in line with the agreement terms.

Justice Eric Kyei Baffour upon a request by the convict’s lawyer deferred the hearing of the application to impose a custodial sentence.

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Photo Credit: Getty

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