State wants Ato Essien imprisoned for failing to pay a GH90 million compensation accord

The State has petitioned the High Court to incarcerate William Ato Essien, the founder of the now-defunct Capital Bank, for failing to abide by the terms of his GH90 million restitution agreement.

Ato Essien was required to pay GH20 million by April 28, 2023, but the state claims that he has not done so.

The State Attorney claims in the application, which was obtained by masemtvgh.com, that William Ato Essien has broken his promise to pay the first installment of the GHS 90 million in restitution and reparation funds after pleading guilty to the charges brought against him.

The State’s action is required due to the deadline expiring on April 28, 2023.

After agreeing to a plea deal with the state under Section 35 of the Courts Act, Ato Essien, who admitted guilt to charges of causing financial loss to the state, was requested to repay GHS 90 million that he admitted to having stolen.

He made a GHS 30 million deposit as stipulated in the contract and was required to pay the remaining GHS 60 million in three installments, the first of which was due on April 28.

The State had written to the Controller and Accountant General’s Department asking if the money had been paid by the respondent on the said date, however, it has emerged that, no such payment has been made.

Therefore, the State contends that Ato Essien having failed to make the payment is liable to a custodial sentence.

Mr. Essien is standing trial together with the former Managing Director of the Bank, Rev. Fitzgerald Odonkor, and a former Managing Director of MC Management Service, Tetteh Nettey, also owned by Mr. Ato Essien.

Together, they were tried on 23 counts of criminality, including conspiracy to steal and stealing in connection with the collapse of Capital Bank in 2017.

They however pleaded not guilty to the charges and maintained their innocence all throughout the trial, with Mr. Ato Essien maintaining at all material moments that he had Board approval for all actions he took.