Founder of defunct Capital Bank William Ato Essien has been given more time by Accra High Court to liquidate his assets and pay the state GH¢55 million by June 4, 2023

The presiding judge Justice Eric Kyei Baffuor according to Myjoyonline.com report, indicated that this will enable the convict to redeem the monies outstanding and as agreed per the agreement with the republic hence the reason he did not allow the deputy Attorney General to move the application to jail Ato Forson for not paying GH¢20 million he was expected to pay by April 28, 2023.

“I want to give you a lifeline and hope you will do your best. To find the money and pay. If what has been deposed to is true, I am sure only a matter of time will tell. I am adjourning, hoping that we would have gotten the money to make the payment.

“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 will be compelled to deliver my ruling in respect of the application. Taking 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 has deposed to. 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 July 4, 2023, to enable the convict to redeem the monies outstanding and as agreed per the agreement with the republic,” Justice Eric Kyei Baffuor ruled.

The high court presided over by Justice Eric Kyei Baffour, had set May 17 for the determination of an application by the Attorney General praying the court to impose a custodial sentence on the convicted former chief executive officer of Capital Bank, William Ato Essien, for failing to comply with the payment terms he reached with the state.

This comes after the court threw out the application of founder of defunct Capital Bank, William Ato Essien to re-negotiate with the Attorney General.

Ato Essien breached the terms of an agreement that saw him escape jail term with a commitment to refunding ¢90 million to the state, Myjoyonline.com reports.

Ato Essien failed to meet the payment deadline for paying GH¢20 million by April 28, 2023, after an initial payment of ¢34 million.

Based on his failure to meet the payment deadline, the Attorney General said they have no choice than to return to court to impose a custodial sentence.

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YNA/WA