Attorney and Minister for Justice has filed processes in court asking for the founder of the defunct Capital Bank, William Ato Essien to be jailed. 

According to the State, the accused has failed to honour payments as part of his GH¢90 million restitution deal.

Mr Ato Essien who was supposed to pay ¢20 million by April 28, 2023, has failed to make the payment.

He had earlier asked the court not to jail him if he fails to pay ¢20 million to the state by April 282023.

He rather requested to be given the opportunity to explain why he has defaulted.

This plea is contained in documents filed by Mr Essien’s lawyers challenging the 13th December 2022 decision of the High Court presided over by Justice Eric Kyei Baffuor.

Mr Essien on his own plea of guilty and accepted the terms of an agreement he had entered into with the Attorney General’s Office. 

Under the terms of the agreement, Mr Essien who was accused of stealing admitted to the offence.

He was required to pay an amount of GH¢90 million as restitution and reparation to the state within one year. 

This would see him pay an initial ¢30 million (which has been paid) and refund the remaining 60 million in three instalments. The first was due on April 28, 2023, while the second is on August 31, 2023.

Background

William Ato Essien, Rev. Fitzgerald Odonkor, and Tetteh Nettey, a former managing director of MC Management Service, owned by Mr Essien, were accused of participating in a 23-count conspiracy to steal GH¢620 million in liquidity support that the Bank of Ghana (BoG) provided to the bank to help it pay off its maturing debt.

The accused opened a number of bank accounts with Capital Bank, according to the prosecution, through which the GH¢620 million BoG liquidity support was transferred, while others were transported in jute bags to Ato Essien.