The Accra High Court has set a deadline of July 27, 2023, for the Founder of the now-defunct Capital Bank, William Ato Essien, to pay the remaining outstanding amount of GH¢12 million as part of the second tranche, as stated in the terms of settlement.
During the court hearing, Mr. Baffour Gyawu Ashia, representing the convict, informed the Court that an additional GH¢2 million had been paid, bringing the total payment to GH¢8 million since the last adjourned date. This leaves a balance of GH¢12 million for the second tranche of the agreed GH¢20 million, which was supposed to be settled by April 28, 2023.
Mr. Ashia stated that the convict’s company, Essien Swiss, had reached an agreement with another entity to generate additional funds for settling the debt. He requested the Court to release the convict’s passport, which was held in the Court’s registry, so that he could travel to gather the necessary funds.
In addition, Mr. Essien requested ample time to make the outstanding GH¢12 million payment to the State.
However, Mr. Alfred Tuah-Yeboah, a Deputy Attorney General, opposed the request for the convict to regain access to his passport, expressing concerns that he might not return to Court if granted permission.
Essien was convicted for embezzling over GH¢90 million of the Bank of Ghana’s liquidity support provided to Capital Bank at the time.
According to the High Court’s judgment, Essien was required to pay GH¢20 million as part of the GH¢60 million restitution by April 28, 2023, with the remaining amount to be paid by the end of December 2023.
The Court, presided over by Justice Kyei Baffour, an additional High Court Judge sitting as a Court of Appeal Judge, approved the filed Terms of Settlement presented by the Attorney-General and Ato Essien. As per the settlement, William Ato Essien was obligated to refund the sum of GH¢90 million.
The Attorney-General filed a motion requesting the Court to impose a custodial sentence on Ato Essien for his failure to pay the GH¢20 million by April 28, 2023.