The Courtroom of Enchantment has granted bail to the previous Managing Director of defunct Capital Financial institution, William Ato Essien.
Mr Essien was granted bail of 10 million Ghana cedis with two (2) sureties.
He was sentenced to fifteen years’ imprisonment with laborious labour by an Accra Excessive Courtroom on 12 October 2023. He was convicted of stealing over GHS90 million in liquidity help supplied by the Financial institution of Ghana (BoG) to Capital Financial institution to assist the establishment service its maturing debt.
READ ALSO: Minority threatens legal action over AG’s move to drop charges against Kwabena Duffuor
)
)
The most recent improvement within the case comes amid growing calls on President John Mahama to grant him a presidential pardon. Notable amongst these requesting his launch are the Head of Missions on the Commonwealth Enterprise and Funding Council and Board Member of the Commonwealth Human Rights Workplace for Africa, Dr John Apea, and the Normal Overseer of Alabaster Worldwide Ministries, Prophet Kofi Oduro, who cite well being grounds.
Jailed CEO of Capital Financial institution William Ato Essien granted GHS10 million bail
Background to the 15-Yr Jail Time period
The extreme penalty was imposed attributable to his failure to fulfil his GHS90 million debt obligation, regardless of being given a number of alternatives.
In Might 2023, the courtroom granted Ato Essien a two-month window to make full fee of an preliminary GHS20 million out of the GHS60 million he was required to pay.
Mr Essien’s legal troubles began when he was convicted in December 2022 after voluntarily coming into a plea settlement with the state underneath Part 35 of the Courts Act. This association was meant to stop a custodial sentence, nevertheless it was contingent on his assembly the GHS90 million debt obligation imposed by the courtroom.
In line with the phrases of the settlement, Essien was required to settle the GHS90 million debt by the tip of 2023. In December 2022, he made an preliminary fee of GHS30 million and was anticipated to pay the remaining sum in three equal instalments all through 2023.
READ ALSO: NSS Scandal: 8 suspects seek plea deal, offer to testify and refund stolen funds
The primary instalment was due by the tip of April 2023, and failure to fulfill this deadline risked triggering a custodial sentence. Sadly, by the tip of April, Ato Essien had paid solely GHS6 million of the required GHS20 million.
The state subsequently petitioned the courtroom to impose the custodial sentence, as stipulated within the settlement, for breaching the fee plan.
Additional investigations revealed that Ato Essien had solely managed to make a further fee of GHS2 million, bringing the entire quantity paid towards the primary instalment to GHS8 million. A big stability of GHS12 million remained unpaid.
