Accra High Court sets deadline for Capital Bank founder’s outstanding debt payment
In a recent development in the high-profile case involving William Ato Essien, the Founder of the defunct Capital Bank, the Accra High Court has granted him an extended deadline of July 27, 2023, to settle an outstanding amount of GH¢12 million. This payment is in relation to the second tranche, as agreed upon in the terms of settlement.
During the court proceedings, Mr. Baffour Gyawu Ashia, the legal representative for Mr. Essien, informed the court that they had made a payment of GH¢2 million in addition to the previously paid sums, bringing the total to GH¢8 million since the last adjourned date.
Consequently, there remains a balance of GH¢12 million for the second tranche, which was originally scheduled to be settled by April 28, 2023.
To address the outstanding debt, Mr. Ashia stated that Essien’s company, Essien Swiss, had reached an agreement with another entity, which would potentially yield additional funds to settle the remaining balance.
In light of these efforts, the defense requested the release of Mr. Essien’s passport, currently held by the Court’s registry, to allow him the freedom to travel and generate the necessary funds.
However, the Deputy Attorney General, Mr. Alfred Tuah-Yeboah, expressed opposition to the request, citing concerns about Mr. Essien’s potential non-compliance with court proceedings if granted access to his passport.
It is important to note that Mr. Essien was convicted for embezzling over GH¢90 million, which constituted a portion of the Bank of Ghana’s liquidity support to the then Capital Bank.
The High Court’s judgment mandated Mr. Essien to pay GH¢20 million as part of a GH¢60 million restitution by April 28, 2023, with the remaining balance expected to be settled by the end of December 2023.
Presiding over the case, Justice Kyei Baffour, a Court of Appeal Judge sitting as an additional High Court Judge, approved the Terms of Settlement filed by the Attorney-General and Mr. Ato Essien. These terms stipulated that Mr. Essien would refund the full amount of GH¢90 million.
To enforce compliance with the payment schedule, the Attorney General’s office filed a motion urging the Court to impose a custodial sentence on Mr. Essien for failing to meet the April 28 deadline to pay the initial GH¢20 million.
The ongoing legal battle between Mr. Essien and the authorities has garnered significant attention due to its implications for financial accountability and the repercussions of white-collar crime. As the case unfolds, the public eagerly await further developments and the resolution of this high-profile restitution process.
