Ato Essien jailed

An Accra High court has sentenced founder of defunct capital bank, William Ato Essien to 15 years in prison in hard labour.

Mr Essien was convicted of stealing over GH¢90m of Bank of Ghana’s liquidity support to the now-defunct financial institution.

This comes after his inability to fully pay the said amount back to the State after agreeing to do so despite being afforded the opportunity.

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

This was in the criminal case filed against him following the collapse of the bank.

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

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

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