Audio By Carbonatix
An Accra High Court has handed the founder of defunct Capital Bank William Ato Essien up until July 4 to liquidate his assets and pay the state ¢55 million.
Justice Eric Kyei Baffuor says this is to ensure that Mr Essien is given a fair chance to secure his freedom.
“I want to give you a lifeline and I hope you will do your possible best. To find the money and pay. If what has been deposed to, is true, I am sure only a matter of time will tell. I am adjourning hoping that we would have gotten the money to make the payment.
“I have perused through, the application and the affidavit in opposition, if I were to allow the learned deputy Attorney General to move the application, I will be compelled to deliver my ruling in respect of the application.
"Taking notice that the convict has taken steps to liquidate some assets in Essien Swiss International Holdings for which he is the sole shareholder and is expecting huge sums of monies as he has indicated in the affidavit for which he has deposed to. If indeed, the depositions in the affidavit have been made bona fide, time will vindicate that.
“Accordingly, I will hasten slowly and adjourn the application to July 4, 2023, to enable the convict to redeem the monies outstanding and as agreed per the agreement with the republic,” Justice Eric Kyei Baffuor ruled.
Mr Essien risks being jailed after breaching the terms of a payment agreement he had reached with the Attorney General.
He was convicted of multiple counts of money laundering and stealing after he agreed to refund ¢90 million to the state.
This was in the criminal case filed against him following the collapse of the bank.
He paid ¢30 million upfront and was required to pay ¢20 million as the first instalment of the ¢60 million outstanding amount by April 28, 2023.
Deputy Attorney General Alfred Tuah Yeboah says he has been able to pay ¢5 million so far. He pointed out that under Ghana’s laws, once the accused breaches such terms, it means the entire outstanding amount becomes due.
He, therefore, expects the total outstanding of ¢55 million to be paid.
Lawyers for Mr Essien led by Baffuor Gyawu Bonsu Ashia pointed out that the businessman had reached an agreement with a foreign company to purchase his assets.
The Deputy AG however pointed out that the amount involved was a paltry ¢4 million which is a far cry from the outstanding ¢55 million.
The court, however, opted to hand him the lifeline.
Latest Stories
-
Morocco and Senegal set for defining AFCON final under Rabat lights today
32 minutes -
Trump tariff threat over Greenland ‘unacceptable’, European leaders say
57 minutes -
Evalue-Ajomoro-Gwira MP kicks against VALCO sale
2 hours -
Mercy Johnson withdraws alleged defamation case against TikToker
2 hours -
Ghana accepted Trump’s deported West Africans and forced them back to their native countries
3 hours -
No evidence of theft in Unibank Case – A‑G explains withdrawal of charges against Dr Duffour
3 hours -
Labourer remanded for threatening to kill mother
3 hours -
Court remands farmer over GH¢110,000 car fraud
3 hours -
Tension mounts at Akyem Akroso over ‘sale’ of royal cemetery
3 hours -
Poor planning fueling transport crisis—Prof. Beyuo
4 hours -
Ahiagbah slams Prof. Frimpong-Boateng over “fake” party slur
4 hours -
Family traumatised as body of Presby steward goes ‘missing’ at mortuary
5 hours -
Why Ghana must maintain the NPA’s price floor in the petroleum market
5 hours -
Serwaa Amihere apologises to PRESEC community over ‘homosexual breeding ground’ comment
6 hours -
Dr Arthur Kennedy slams NPP’s “dubious” plot to expel Prof Frimpong-Boateng
6 hours
