Don’t jail me if I fail to pay GH₵20m in April – Ato Essien appeals

Founder of defunct Capital Bank, William Ato Essien, says he should not be jailed if he fails to pay GH₵20 million to the state by 28th April 2023.

Justice Baffuor had on the said date convicted Mr Essien on his own plea of guilty and accepted the terms of an agreement he had entered into with the Attorney General’s Office.

Under the terms of the agreement, Mr Essien who was accused of stealing admitted to the offence.

Justice Baffuor warned that if there was any default in the payment or it even fell short of the required amount, Mr Essien was to be arrested and produced in court for a custodial sentence to be imposed.

Fitzgerald Odonkor, and Tetteh Nettey, a former managing director of MC Management Service, owned by Mr Essien, were accused of participating in a 23-count conspiracy to steal GH₵620 million in liquidity support that the Bank of Ghana (BoG) provided to the bank to help it pay off its maturing debt.

The accused opened a number of bank accounts with Capital Bank, according to the prosecution, through which the GH₵620 million BoG liquidity support was transferred, while others were transported in jute bags to Ato Essien.

Meanwhile, the two individuals standing trial together with the founder of Capital Bank, William Ato Essien, have been acquitted and discharged.