High Court gives Ato Essien up to July 27 to pay outstanding GH¢12 million

The Accra High Court has given William Ato Essien, the Founder of the defunct Capital Bank up to July 27 2023, to enable him pay the outstanding of GH¢12 million in respect of the second tranche as agreed in the terms of settlement.

Mr Baffour Gyawu Ashia for the convict informed the Court that they have made payment of GH¢2 million in addition to previously paid sums, making a total of GH¢8 million since the last adjourned date, leaving a balance of GH¢12 million in respect of the 2nd tranche of GH¢20 million, which was to be settled by April 28, 2023.

He said convict’s company, Essien Swiss had reached an agreement with another in order to realise more money to settle the debt.

He prayed the Court for the release of the convict’s passport which was lodged in the Court’s registry, so he could move around to get money to settle the debt.

Mr Essien further prayed for convict to be given ample time make good on the outstanding GH¢12 million payment owed to the State.

Mr Alfred Tuah-Yeboah, a Deputy Attorney General however opposed the request for the convict to be allowed access to his passport, as there was a likelihood he would not return to Court.

Essien was convicted for stealing over GH¢90 million of Bank of Ghana’s liquidity support to the then Capital Bank.

Per the High Court's judgment, he was supposed to have paid GH¢20 million of the GH¢60 million restitution by April 28, 2023 and pay the rest by the end December 2023.

The Court presided over by Justice Kyei Baffour, a Court of Appeal Judge sitting as an additional High Court Judge accepted the Terms of Settlement filed by the Attorney-General and Ato Essien.

By the Terms of Settlement, William Ato Essien was to refund the amount of GH¢90 million.

The A-G filed a motion praying the Court to impose a custodial sentence on Ato Essien for failing to pay the GH¢20 million by 28th April, 2023.

MA/FNOQ