Bortianor-Ngleshie Amanfro MP Sylvester Tetteh has commended the Attorney General for recovering GH¢37 million from the Chief Executive Officer (CEO) of the defunct Capital Bank, William Ato Essien before he was jailed for 15 years. 

The lawmaker, who is also the Vice Chairman of Parliament’s Communications Committee said the AG’s office ought to be commended as this is one of the biggest amounts the state has been able to recover from a criminal case under the Fourth Republic. 

According to him, had this money not been recovered, the convict would have returned from prison and enjoyed his booty at the expense of the state. 

Speaking on News File on Joy News, on Saturday, October 14, he asked the AG to rope in the board members of the defunct bank who may be culpable in the crime.

He suggested that until that is done, the conviction of Ato Essien alone may not be deterrent enough to deters others from engaging in such an illegality. 

“I think this is good for the country because a lot has been lost in respect of this banking sector clean-up because we had an ailing banking sector and if that hadn't been done, it would have been a catastrophic event.”

“So I think the Attorney General and the investigators have done a good job for the recovery made.”

Mr Ato Essien was sentenced to 15 years imprisonment with hard labour by Justice Eric Kyei Baffour.

Ato Essien's imprisonment follows his inability to pay fully the GH¢90 million amount back to the state after agreeing to do so.

He earlier paid GH¢30 million upfront in December 2022 and was required to pay GH¢20 million as the first installment of the GH¢60 million outstanding amount by April 28, 2023.

But he was only able to pay ¢5 million. In May, he was given until July 4, to liquidate his assets and pay the state GH¢55 million. This deadline elapsed without any payments made.

The state then submitted a request to the court, seeking a custodial sentence in line with the agreed terms.

Justice Eric Kyei Baffour upon a request by the convict's lawyer deferred the hearing of the application to impose a custodial sentence.

Meanwhile, a private legal practitioner, Kweku Paintsil has said Ato Essien's jailing is not surprising.

Mr Paintsil noted that Mr Essien’s jail term has nothing to do with his capability to pay the judgement sum.

However, it is the natural consequence of his non-compliance with the terms agreed with the court.

“The conviction that came as a result of his non-compliance or failure to pay the money ordered by the court is not surprising. It is the natural consequences of his non-compliance,” he told Blessed Sogah on Thursday, October 12, 2023.

Background

William Ato Essien, Rev. Fitzgerald Odonkor and Tetteh Nettey, a former Managing Director of MC Management Services owned by Mr. Essien, were charged with 23 counts of conspiracy, stealing from the GH¢620 million liquidity support given to the bank by the Bank of Ghana (BoG), to enable it to service its maturing debt.

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