Ato Essien, the former CEO of the now-defunct Capital Bank, was given a 15-year jail term with hard labour.
This is in response to his refusal to pay the state the entire amount of GH 90 million that he pledged to pay despite being given many opportunities to do so since December 2022.
For his involvement in the demise of Capital Bank, Ato Essien entered a guilty plea to 16 counts of theft, money laundering, and conspiracy to steal.
However, in accordance with Section 35(7) of the Courts Act 459, he reached a plea agreement with the State.
According to the contract, Mr Essien was required to pay Gh90 million, which he did on December 13 by paying Gh30 million cedis.
The remaining GH60 million was to be paid by him in three equal instalments in 2023; the first instalment was due on April 28, the second on August 31, and the third instalment was due on December 15 of the same year.
The court’s willingness to impose a prison term if he failed to make any of the payment dates was a key stipulation of the deal.
However, as of April 28, just a portion of the GH20 million that was owed had been paid by Mr. Essien.
On May 2, 2023, the state submitted a request to have the convicted individual (Ato Essien) sentenced to incarceration.
However, the judge who presided over the case, Justice Eric Kyei Baffour, decided not to hear the motion since he granted Ato Essien around six months to make amends.
However, in addition to the GH30 million already paid, Ato Essien only made a GH7 million payment between January of this year and October 12.
The judge lost all tolerance with GH53 million remaining from the agreed-upon amount and authorised the state to proceed the application.
After hearing the application, the judge sentenced Ato Essien to 15 years in prison.
