The Court of Appeal has granted bail to William Ato Essien, the founder of the now-defunct Capital Bank. The decision, reported by TV3, sets bail at GH¢10 million with two sureties, alongside an order for Essien to deposit his passport at the court registry.
Ato Essien was convicted in December 2022 on charges of embezzling over GH¢90 million, funds obtained through Bank of Ghana liquidity support intended to stabilize Capital Bank. Initially, Essien avoided a custodial sentence by entering a restitution agreement with the government under Section 35 of the Courts Act, 1993 (Act 459). The agreement required him to pay GH¢90 million over a year, with an initial cash payment of GH¢30 million.
However, after paying an additional GH¢9 million, Essien defaulted on the repayment plan. Consequently, he was sentenced to 15 years in prison in late 2023 after the Attorney General’s intervention.
The bail grant follows increasing public calls for his release due to deteriorating health conditions and arguments citing the substantial restitution payments already made. Critics have also questioned the fairness of his trial and conviction, suggesting that financial constraints might have limited his access to high-caliber legal defense.
Essien’s release on bail marks a critical moment in a case that has continued to stir debate on justice, financial accountability, and health rights within Ghana’s legal system.
Source:NKONKONSA.com
