The Attorney General has urged the High Court to condemn William Ato Essien to a term of incarceration him for failing to pay the state $20 million.
On the eve of the court’s decision in the case where he was charged with theft and money laundering for his role in the bank’s failure, the founder of the now-defunct Capital Bank came into an agreement with the state in 2022.
Mr Esssein was required to pay a sum of 90 million dollars as per the conditions of the agreement. The remaining $60,000 was to be paid in three installments of $20,000 within a year of the date of conviction. A third of the total was to be paid ahead.
The first instalment was to be paid latest by April 28, 2023. Documents filed on behalf of the Attorney General reveal that as of May 2, 2023, the first instalment of ¢20 million cedis has not been paid.
The AG’s Office says this is contrary to the conditions imposed on him by the court and makes him liable to a custodial sentence.
“That having failed to fulfil a condition imposed on him by this Honourable Court under section 35 of the Courts Act, the outstanding amount under the agreement has become due and the respondent is liable to a custodial sentence by the four”.