State Files For Ato Essien’s Imprisonment Over Fail Payments.

The State has filed processes at the High Court to get the founder of the defunct Capital Bank, William Ato Essien, imprisoned for not making payments as part of his GH¢90 million restitution deal.

According to the state, Ato Essien who was supposed to pay GH¢20 million by April 28, 2023, has failed to make the payment.

In the application sighted by, the State Attorney makes the point that, William Ato Essien has failed to honour an agreement to pay the first installment out of the GHS 90 million restitution and reparation money after pleading guilty to the offences leveled against him.

The expiration of April 28, 2023, deadline is what is necessitating the State’s action.

Instead of facing an earlier jail sentence, Ato Essien, who pleaded guilty to accusations of causing financial loss to the state, was asked to refund GHS 90 million he confessed to having stolen after entering into a plea bargain with the state under Section 35 of the Courts Act.

As part of the agreement, he made a GHS 30 million deposit and was expected to pay the whole balance of GHS 60 million in three installments, the first of which was due on April 28.

The State had written to the Controller and Accountant General’s Department asking if the money had been paid by the respondent on the said date, however, it has emerged that, no such payment has been made.

Therefore, the State contends that Ato Essien having failed to make the payment is liable to a custodial sentence.

Mr. Essien is standing trial together with the former Managing Director of the Bank, Rev. Fitzgerald Odonkor, and a former Managing Director of MC Management Service, Tetteh Nettey, also owned by Mr. Ato Essien.

Together, they were tried on 23 counts of criminality, including conspiracy to steal and stealing in connection with the collapse of Capital Bank in 2017.

They however pleaded not guilty to the charges and maintained their innocence all throughout the trial, with Mr. Ato Essien maintaining at all material moments that he had Board approval for all actions he took.

Previous articleSudan Conflict: 74 Ghanaian Students In Sudan Arrives In Ghana Successfully.
Next article‘Free SHS Is Not Working Properly… We Are Going To Repair It’ – Mahama promises.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.