William Ato Essien
The founder and former Chief Executive Officer of defunct Capital Bank, William Ato Essien, narrowly escaped being sent to prison yesterday after an Accra High Court gave him another opportunity to redeem himself and pay the outstanding GH¢55 million of a deal that is keeping him out of jail.
The court was expected to hear an application filed by the Office of the Attorney General urging it to commit Mr. Essien who had pleaded guilty to stealing, to prison for failing to repay the money he stole.
But Justice Eric Kyei Baffour, a Court of Appeal Judge sitting as an additional High Court Judge, indicated that Mr. Essien had filed an affidavit in opposition to the application and in his affidavit disclosed that he was making arrangements to raise funds to pay the money.
Part of his efforts includes liquidating some of his assets including Essien Swiss International Capital Holdings which is expected to rake in $300,000.
The Judge said he wanted to give the convict a life line and hoped that he will do his possible best to raise funds and pay off the money.
The court as a result did not allow the Deputy Attorney General, Alfred Tuah-Yeboah, to move the prosecution’s application seeking the court to commit Mr. Essien to jail.
“I have perused through the application and the affidavit in opposition. If I were to allow the learned Deputy Attorney General to move the application I would be compelled to deliver my ruling in respect of the application. I have taken notice that the convict has taken steps to liquidate some assets in Essien Swiss International Holdings for which he is the sole shareholder and is expecting huge sums of monies as he has indicated in the affidavit for which he had deposed to,” Justice Kyei Baffour held.
He added that “If indeed the depositions in the affidavit have been made bona fide, time will vindicate that. Accordingly, I will hasten slowly and adjourn the application to the 4th of July, 2023, to enable the convict redeem the monies outstanding as agreed per the agreement with the republic.”
Mr. Essien was standing trial for stealing from the GH¢620 million liquidity support given to the struggling bank in 2015, which led to its insolvency and subsequent collapse but managed to stay out of prison after reaching an agreement with the Office of the Attorney General to plead guilty, pay the amount stolen as well as restitution.
Per the agreement, he was to pay an amount of GH¢30 million by December 1, 2022, which had already been paid.
He will then pay the remaining GH¢60 million in three installments of GH¢20 million each, with the first installment scheduled to be paid on April 28, 2023, the second one on August 31, 2023, and the last on December 15, 2023.
The court, presided over by Justice Eric Kyei Baffour, a Court of Appeal judge sitting as an additional High Court judge, had added that a failure by Ato Essien to pay the next installment in full on or before April 28, 2023, nullifies the agreement and he ought to pay the entire GH¢60 million or he should be arrested and brought before the court for him to be committed to prison.
BY Gibril Abdul Razak