Former CEO of the now-defunct Capital Bank, Ato Essien has been sentenced to 15 years of hard labor for failing to pay the full amount of GH¢90 million he had agreed to pay the state.
Despite being given several lifelines since December 2022, he was unable to fulfil the payment. Essien pleaded guilty to 16 counts of stealing, money laundering, and conspiracy to steal, all related to his role in the collapse of Capital Bank.
However, he entered into a plea bargain with the state under section 35(7) of the courts.
As per the agreement, Mr. Essien was obliged to pay GH¢90 million, out of which he paid GH¢30 million on December 13.
The remaining amount of GH¢60 million was to be paid in three equal instalments in 2023. By April 28, Mr. Essien was to pay GH¢20 million, followed by another GH¢20 million by August 31, and the last GH¢20 million by December 15, 2023.
A crucial condition of the agreement was that the court could impose a custodial sentence if Mr. Essien missed any of the payment deadlines.
However, Mr. Essien failed to pay the entire GH¢20 million due on April 28, 2023, resulting in the state filing an application on May 2, 2023, to have a custodial sentence imposed on him.
Justice Eric Kyei Baffour, the presiding judge, did not hear the application immediately but instead gave Mr. Essien approximately six months to pay the remaining amount.
