The Accra High Court has denied a bail application filed on behalf of William Ato Essien, the founder of the defunct Capital Bank, who is currently serving a 15-year prison sentence for stealing over GH¢90 million from the bank.

Essien, who served as the Managing Director of Capital Bank, was convicted in October 2023 after failing to fulfill the terms of a plea bargain agreement brokered by the then-Attorney General, Godfred Yeboah Dame.

The agreement allowed him to avoid a custodial sentence by repaying the state GH¢90 million in three instalments.

Under the arrangement, Essien was required to make payments as follows; an initial sum by April 28, 2023, a second by August 31, 2023, and a final installment by December 15, 2023.