Capital Bank’s Ato Essien sentenced to 15 years in prison
William Ato Essien, the founder of the now-defunct Capital Bank, has been handed a 15-year prison sentence by an Accra High Court.
His conviction is related to the embezzlement of over GH¢90 million in liquidity support provided by the Bank of Ghana to Capital Bank. Despite an opportunity to repay the state, Mr. Essien failed to fully settle the amount.
Previously, in December 2022, he made an initial payment of ¢30 million and was supposed to pay ¢20 million as the first installment of the remaining ¢60 million by April 28, 2023.
However, he only managed to pay ¢5 million. Despite being given until July 4 to liquidate his assets and pay the state ¢55 million, he failed to meet this deadline.
The state subsequently requested a custodial sentence in accordance with the agreement terms. Justice Eric Kyei Baffour deferred the hearing of this application at the request of the convict’s lawyer.
This legal action follows the collapse of Capital Bank.
William Ato Essien, Rev. Fitzgerald Odonkor, and Tetteh Nettey, a former Managing Director of MC Management Service owned by Mr. Essien, were charged with 23 counts of conspiracy and embezzlement related to the ¢620 million liquidity support provided by the Bank of Ghana to Capital Bank.
The prosecution alleged that the accused individuals utilized various bank accounts with Capital Bank to transfer the ¢620 million in liquidity support from the Bank of Ghana, while some of the funds were carried in jute bags to Ato Essien.
