Capital Bank collapse: Court okays Ato Essien’s GH¢90m restitution

The Accra High Court has accepted an agreement for William Ato Essien, the founder of the defunct Capital Bank, to pay GH¢90million to the state as restitution.

As part of the agreement, Essien who is standing trial for stealing GH¢192.5m of depositors fund, has already paid GH¢30m to the state and will pay the remaining GH¢60m in GH¢20m three instalments by the close of 2023.

The court, presided over by Justice Eric Kyei Baffour, accepted the agreement pursuant to Section 35 of the Courts Act, 1993 (Act 459), which allows accused persons standing trial for causing financial loss to the state to pay the money and possibly avoid a custodial sentence.

Justice Kyei Baffour who initially rejected the agreement, accepted it today after it was explained to him that the state had already recovered GH¢101.2m of the GH¢192.5m with the remaining amount being GH¢92.5m

Also, it came out that an amount of GH¢35m was repeated twice on the charge sheet, meaning Essien actually has GH¢57.5m to pay, meaning the GH¢90m being paid by him was in excess of GH¢32m, which will be interest on the amount to the state.

As part of the agreement, Essien also pleaded guilty to 16 counts of stealing and money laundering.

Justice Kyei Baffour, then moved in to his chambers to write a new judgment taking into consideration the agreement between Essien and the prosecution.

Read also: Court frees defunct Capital Bank founder William Ato Essien

Writer’s email: emma.hawkson@graphic.com.gh