Business / Agribusiness Crime

Just In: Capital Bank Founder Ato Essien Sentenced to 15-Year Jail Term for Embezzlement

The Accra High Court has issued a 15-year jail sentence to William Ato Essien, the Founder of the defunct Capital Bank, for misappropriating over GHC90 million of the bank’s funds.

Mr. Essien had been found guilty of embezzling the mentioned sum from Capital Bank in a conviction dating back to December of the previous year.

Metro Lens

Previously, he had the opportunity to avoid imprisonment by entering into an agreement with the Attorney-General (A-G) to restitute the GH¢90 million to the state.

However, today’s verdict, handed down by Justice Eric Kyei Baffour, underscores that Mr. Essien failed to comply with the agreed terms with the A-G concerning the restitution payment.

This arrangement was established in accordance with Section 35 of the Courts Act, 1993 (Act 459), which enables defendants facing charges of causing financial loss to the state to reimburse the funds and potentially evade incarceration.

Mr. Essien initially remitted GH¢30 million of the sum on December 1, 2022.

Per the agreement, he was obligated to pay the remaining GH¢60 million in three installments: the first on or before April 28, 2023, the second on or before August 31, 2023, and the last on or before December 15, 2023.

However, Justice Kyei Baffour observed that Mr. Essien has thus far paid only GH¢7 million of a possible GH¢40 million, missing the deadlines for both April 28 and August 31 this year, resulting in a total payment of GH¢37 million out of the entire GH¢90 million.

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