Court documents related to the Accra High Court’s order to confiscate two mansions owned by Ghanaian football legend Michael Essien have emerged online.
A report from GH Gossip 24 disclosed that the Accra High Court ruled on Michael Essien’s case after Republic Bank filed a lawsuit against the former footballer, his wife Akosua Puni Essien, and Athena Real Estate Company on September 23, 2020.
Republic Bank sought a court order to seize and sell Essien’s two mansions.
The court documents revealed that Essien, his wife, and Athena Real Estate requested an out-of-court settlement on October 28, 2020, which Republic Bank accepted.
The documents showed that Essien owed the bank $2,164,345. The debt increased to $2,310,343 due to accrued interest before their next meeting on December 31, 2021.
During this meeting, both parties agreed that Essien would also cover the bank’s legal expenses, surveyors’ fees, and additional costs for recovering the houses.
Republic Bank agreed to allow Essien to find a buyer for one of the properties, valued at $20 million.
They agreed not to sell the mansions below their estimated value, with a 20% reduction if not sold within six months.
If the properties remained unsold in 12 months, the parties would return to court. Republic Bank was granted access to the properties as per the agreement.
The agreement stated that Republic Bank would waive any accrued interest but would charge legal fees and deduct costs from the sale proceeds.
Both parties signed and submitted the agreement to the court. However, disagreements over the sale process and property access led to the court ordering the sale of Essien’s mansions.