Ato Essien gets lifeline of up to July 2023,to pay GH¢55million restitution

The Accra High Court has given founder of the defunct Capital Bank, William Ato Essien, a lifeline of up to July 2023, to pay  GH¢55million restitution to the state.

The court, presided over by Justice Eric Kyei Baffour, today (May 17, 2023) decided to adjourn the case and not hear an application by the Attorney-General (A-G) which is seeking the imprisonment of Essien following his failure to meet the deadline of paying the first tranche of a GH¢60million restitution.

Justice Kyei Baffour ruled that he decided to give Essien a grace period after Essien in his affidavit to the A-G’s motion deposed that he was expecting some money by the end of June to enable him pay the money.

Expectations 

According to Essien, his company - Essien Swiss International Holdings has reached an agreement with another company to sell some assets and he was expecting about $300,000 by June 2023.

Justice Kyei Baffour therefore decided to adjourn the case for Essien to get the said money.

The judge however warned Essien that if  fails to pay the money by the next adjourned, he would have no option than to hear the application seeking his imprisonment and rule on it accordingly.

If we come back on the July 4 and you have not paid then I would allow the republic to move the application, then we all know that I have been as fair as possible,” Justice Kyei Baffour said.

Conviction 

Essien who was convicted for stealing over GH¢90million of Bank of Ghana’s liquidity support to the then Capital Bank.

Per the High Court's judgment, he was supposed to have paid GH¢20 million of the GH¢60million restitution  by April 28, 2023 and pay the rest by the end December 2023.

Failure to pay the amount per the agreed terms will lead to the court jailing Essien.

Essien failed to pay the GH¢20million by the April 28 deadline and rather paid GH¢5million last week.