Defunct Capital Bank Founder Ato Essien Granted Presidential Pardon After Serving 1 Year of 15-Year Sentence
President Akufo-Addo, has exercised his prerogative of mercy to grant a presidential pardon to William Ato Essien, the founder of the defunct Capital Bank, and 10 other convicted individuals.
Mr. Essien, who was sentenced to 15 years in prison by an Accra High Court in October 2023, was convicted for embezzling over GHS 90 million of the Bank of Ghana’s liquidity support meant for the now-defunct financial institution.
Capital Bank was among the banks collapsed by the government during the 2017 banking sector clean-up exercise.
Mr. Essien’s pardon comes after he served one year of his 15-year sentence.
The decision to pardon Mr. Essien reportedly stems from his deteriorating health condition, described as “severe life-threatening,” with multiple surgeries undertaken during his incarceration.
Among the other pardoned individuals is Philip Assibit, who was serving a 12-year sentence for his role in the GYEEDA scandal, a case that involved financial irregularities in the implementation of youth employment programs.
This move, made under the prerogative of mercy as enshrined in the Constitution, has sparked conversations about its timing and implications, as President Akufo-Addo ends his tenure tomorrow.
