Life-changing News

Ato Essien to court: Give me chance to explain if I default 

Founder and Chief Executive Officer (CEO) of defunct Capital Bank, William Ato Essien says he should not be jailed if he defaults in paying GH₵20 million to the state by April 28, 2023.

He wants to rather be given the opportunity to explain why he has defaulted.

This plea is contained in documents filed by Mr. Essien’s lawyers challenging the 13th December 2022 decision of the High Court presided over by Justice Eric Kyei Baffuor.

Justice Baffuor had on the said date convicted Mr. Essien on his own plea of guilty and accepted the terms of an agreement he had entered into with the Attorney General’s Office.

Section 35 of the Court’s Act allows a party to pay or refund money stolen from the state with interest.  It also affords the accused from doing jail term when found guilty.

The court, however, suspended Essien’s Custodial sentence.

Under the terms of the agreement, Mr. Essien who was accused of stealing admitted to the offence.

The judge ordered Mr. Essiento pay GH₵90 million within one year as stated in the agreement.

According to the court, Essien had earlier paid GH₵30 million to the state.

He is expected to pay an outstanding amount of GH₵60 million in three instalments of GH₵20 million on April 20, 2023, August 31, 2023, and December 15, 2023.

The GH₵90 million consists of GH₵27.5 million allocated to business promotion, GH₵30 million which prosecution said could not be accounted for and GH₵32.5 million as reparation, restitution and interest.

The court held that if Essien’s failed to pay any of the amount, “he shall be produced before the court for him to be sentenced.”

The court further directed the Registrar of the Court not to release Essien’s passport to him until the completion of his payments.

The court prohibited Mr Essien, from holding any key position in any bank or financial institution.


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