Former Chief Executive Officer of defunct Capital Bank, Ato Essien, has been sentenced to 15 years imprisonment with hard labour due to his failure to fully pay an agreed amount of GH¢90 million to the state, despite being given multiple opportunities since December 2022.
Ato Essien pleaded guilty to 16 counts of stealing, money laundering, and conspiracy to steal, all related to his involvement in the collapse of Capital Bank. However, he entered into a plea bargain with the state under section 35(7) of the courts ACT 459. According to the agreement, Mr. Essien was required to pay GH¢90 million, of which he paid GH¢30 million on December 13.
The remaining GH¢60 million was to be paid in three equal installments in 2023: GH¢20 million by April 28, another GH¢20 million by August 31, and the final GH¢20 million by December 15. One of the conditions of the agreement was that a custodial sentence would be imposed if Mr. Essien failed to meet any of the payment deadlines.
Unfortunately, as of April 28, he had not paid the full GH¢20 million that was due. On May 2, 2023, the state filed an application to impose a custodial sentence on Ato Essien.
However, the presiding judge, Justice Eric Kyei Baffour, granted him an additional six months to fulfill his obligations. Between January and October 12, Ato Essien only paid an additional GH¢7 million, in addition to the GH¢30 million previously paid. With GH¢53 million still outstanding, the judge, having exhausted his patience, allowed the state to proceed with the application.
Justice Kyei Baffour has stated that up until this point, Essien has only made a payment of GH₵7 million out of a potential GH¢40 million. It is important to note that Essien has missed the deadlines for payment on April 28 and August 31 of this year.
Consequently, the total amount paid by Essien currently stands at GH₵37 million, leaving a remaining balance of GH₵53 million to be paid as reparation and restitution to the state. In light of this, Justice Kyei Baffour has ruled that Essien may regain his freedom upon settling the outstanding sum of GH₵53 million.
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