The founder of the now-closed Capital Bank, William Ato Essien, has received a 15-year prison term by the Accra High Court for embezzling more than GH¢90 million from the bank.
After being found guilty in December of last year of stealing over GHC90 million from Capital Bank, Essien was spared from prison time because the Attorney-General (A-G) and he came to a deal wherein Essien would pay the state GH¢90 million in reparation.
The court this afternoon, presided over by Justice Eric Kyei Baffour, decided that Essien has not fulfilled his arrangement with the A-G to reimburse the state, according to information that 1Family Radio is getting.
The arrangement was made in accordance with Section 35 of the Courts Act, 1993 (Act 459), which permits defendants who are awaiting trial for financial loss to the state to make the payment in order to perhaps avoid going to jail.
According to the agreement the court adopted, Essien paid GH¢30 million of the total amount on December 1, 2022. He was then directed to pay the remaining GH¢60 million in three installments, with the first due by April 28, 2023, the second by August 31, 2023, and the final installment due by December 15, 2023.
Judge Kyei Baffour, however, stated that as of just now, Essien has only paid GHC $7 million of the GHC $40 million that might have been paid, missing the dates of April 28 and August 31 of this year, making the total amount paid GHC $37 million of the GHC $90 million.