July 20, 2024

An Accra High Court on Thursday handed Ato Essien, the former Chief Executive Officer of defunct Capital bank a 15-years jail term with hard labour.

The sentence follows his failure to pay in full an amount of GH¢90 million cedis he agreed to pay the state despite several lifelines given him since December 2022.

The court in May 2023 gave him a two-month window to at least pay in full the first GH¢20 million out of the GH¢60 million he was due to pay.

Ato Essien was convicted in December 2022 on his own plea after striking a deal with the state under section 35 of the Courts Act to avoid a custodial sentence.

He has, however, been having a hard time fulfilling a GH¢90 million debt obligation imposed on him by the court in replacement of the custodial sentence.

According to the agreement, Ato Essien was mandated to pay GH¢90 million by the end of 2023 for which he paid GH¢30 million in December 2022 and was expected to pay the remainder in three equal instalments in 2023.

Read full judgment below

Republic V Ato Essien

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