FORMER CAPITAL BANK CEO, ATO ESSIEN REPORTEDLY JAILED 15 YEARS FOR THEFT

It would be recalled that in December 2022, Essien who was convicted for stealing over GH¢90m belonging to Capital Bank.

He was then reported to have avoided a custodial sentence after the court accepted an agreement between him and the Attorney General that he (Essien) would pay the GH¢90 million as restitution to the state.

But in a ruling on Thursday, October 12, the court, presided over by Justice Eric Kyei Baffour, said that the former Capital Bank CEO failed to live up to his full side of the bargain.

The agreement was pursuant to Section 35 of the Courts Act, 1993 (Act 459), which allows accused persons standing trial for causing financial loss to the state to pay the money and possibly avoid a custodial sentence.

The graphic.com.gh report added that on December 1, 2022, Ato Essien paid GH¢30 million of the amount and was ordered by the court to pay the remaining GH¢60 million in three installments with the first installment on or before April 28, 2023, the second on or before August 31, 2023, and the last installment on or before December 15, 2023.

But in court on Thursday, October 12, Justice Kyei Baffour said that only GH¢7 million out of a possible GH¢40 million was settled.

He added that William Ato Essien also missed the deadlines for April 28 and August 31, 2023, bringing the total amount paid so far to GH¢37 million.

Meanwhile, he was supposed to pay a total of GH¢90 million, the report added.