William Ato Essien
The convicted founder and former Chief Executive Officer of defunct Capital Bank, William Ato Essien, has been given another lifeline by an Accra High Court to pay the outstanding debt he owes the state or risk being sentenced to prison.
The court, presided over by Justice Eric Kyei Baffour, a Court of Appeal judge sitting as an additional High Court judge, yesterday gave Mr. Essien up to July 27, 2023, to pay the outstanding GH¢12 million out of the first tranche of GH¢20 million he should have paid by April 28, 2023.
Mr. Essien was convicted by the court on March 13, 2023, after he pleaded guilty to stealing from the defunct bank, in an agreement with the Office of the Attorney General to repay GH¢90 million and stay out of prison.
The terms of the agreement dictated that the convict was to pay an initial GH¢30 million, which was paid, and GH¢20 million by April 28, 2023, a failure for which the entire GH¢60 million becomes due, and his inability to pay the entire outstanding amount would result in him being sent to jail.
He has, as of yesterday, paid GH¢7 million and his lawyers also presented a cheque for another GH¢1 million, bringing the total to GH¢38 million, out of the GH¢90 million.
The court on May 17, 2023 gave him up to July 4 to redeem himself and pay the outstanding money, flowing from a deal that is keeping him out of jail.
He was unable to meet the deadline and Baffour Gyau Ashia, who held brief for Thaddeus Sory, yesterday told the court the convict had not been able to make the payment because he had a bit of a challenge with respect to his movement because his passport was still in the custody of the court’s registry.
“If the convict is given the opportunity, knowing the kind of businessman he is, we would be able to raise the funds. He is determined to pay the money and all that we are asking for is for him to be given time,” the lawyer pleaded with the court.
The judge, however, expressed reservation about releasing the convict’s passport to him when he had not completed the payment as agreed upon, and wondered what would happen if he fails to return.
“In this day and age, he does not need to travel to raise the funds. What is the guarantee that with his condition if his passport is released to him he would come back,” Justice Kyei Baffour stated.
The judge also indicated that one of his challenges is that the debt is not one that emanated from a civil case, which would have been a matter between the parties, but rather as a result of a conviction in a criminal proceeding.
He also indicated that there was a letter before the court which was written to the Registrar indicating that one of the properties Mr. Essien said he intends to liquidate has already been attached by another court in a different matter.
Justice Kyei Baffour asked Mr. Essien’s counsel to realistically tell the court how long he thinks the convict would need to raise the funds, and he said three months. The court said it was too much.
Deputy Attorney General, Alfred Tuah-Yeboah, also wondered how long the convict needed to liquidate his debt even if the court is minded to give him time.
“As we speak, he has made part payment of GH¢8 million out of the first GH¢20 million which was to be paid. We don’t know how he is going to make the payment, but we are in your hands,” he added.
Justice Kyei Bafour, in a short ruling, said based on the pleas of his counsel, the court will “once again reluctantly give the convict one more opportunity to make payment.”
“I will adjourn to the 27 of July 2023 for an amount of GH¢12 million to be paid by the convict. If by that date that money has been redeemed the court may favourably consider the outstanding amount to be paid,” the judge added.
BY Gibril Abdul Razak